Alternative Investment Fund Managers Directive ('AIFMD')

Overview:

AIMA actively monitors and advocates on a variety of initiatives that will affect the operations of alternative investment fund managers ("AIFMs"). This can include matters within the four corners of AIFMD such as requirements affecting organisational, operational and risk management functions, managing leverage and liquidity risks, remuneration, investments in securitisations and private companies, valuation, delegation, interactions with depositaries, and marketing, among other things. It also inlcudes initiatives outside the AIFMD itself, including ESG, the requirements under DORA, etc. where AIFMs are in scope.

If you wish to be involved in AIMA’s engagement on AIFMD, please contact Jennifer Wood.

(Last updated: 2 September 2022)

Other related workstreams

Financial Stability

Financial stability and the topics of liquidity risk management and risks related to the use of leverage are high on the agenda of global and regional supervisory bodies. AIMA continuously engages with various policymakers around the globe to share information and insights on our industry's management of such risks.

Outsourcing

The increasing use of outsourcing by regulated entities is of growing importance to a number of supervisory authorities.

EU Remuneration

IFR/IFD remuneration requirements effective as of 26 June 2021. EBA and ESMA have publish their updated IFD and MiFID II remuneration guidelines, respectively. Notable other EU remuneration requirements under AIFMD and the UCITS Directive are also linked.

UK Remuneration

New requirements for investment firms and CPMIs effective 1 January 2022. AIMA has responded to the FCA's third IFPR consultation which sought views on remuneration disclosure requirements. Final rules published on IFPR remuneration requirements.

Reporting

AIMA's advocacy focuses on the improvement of a more efficient and streamlined reporting framework across the reporting regimes. The European Commission published a proposal for a European Single Access Point and outlined its Supervisory Data Strategy, introducing a range of new initiatives and actions to improve EU-wide regulatory reporting. The SEC has proposed amendments to Form PF which would require large hedge fund advisers to report information on key events within one business day.

Responsible Investment

AIMA's resources for implementing responsible investment (also known as 'ESG') and interpreting the relevant regulation. Notable research papers and relevant events are also linked.

Securitisation

Securitisation is a core feature of capital markets. It provides a mechanism by which illiquid loans originated by banks and finance companies are transferred to capital market investors. A reformed securitisation framework will help reduce the EU’s over-reliance on bank funding, while preserving the financing of the European economy. The UK is also consulting currently on potential reforms to its securitisation requirements.