Alternative Investment Fund Managers Directive (AIFMD)

Published 02.11.2020

State of play: on 1 July 2011, the Directive was published in the Official Journal (L 174/1)

Level 2

  • 19 December 2012, the Commission adopted a delegated regulation with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision.
  • 15 May 2013, the Commission adopted an implementing act establishing the procedure for AIFMs which choose to opt in under AIFMD and an implementing act establishing a procedure for determining the Member State of reference of a non-EU AIFM pursuant to AIFMD.
  • 10 December 2018, the Commission published a report on the operation of the AIFMD, starting the review process.

Level 3

  • 25 July 2018, ESMA responded to the questions raised by EIOPA on the interpretation of AIFMD.
  • 29 March 2019, ESMA updated the Q&A on the application of AIFMD.
  • 8 April 2019, ESMA published the responses to the consultation on liquidity stress test guidelines for investment funds.
  • 2 September 2019, ESMA published its final report with the guidelines on liquidity stress testing in UCITS and AIFs.
  • 28 November 2019, ESMA published a guidance compliance table on competent authorities complying or intending to comply with ESMA’s guidelines on reporting obligations.
  • 3 December 2019, ESMA updated its Q&A on the application of the AIFMD.
  • 20 February 2020, ESMA updated the list of EU authorities that have signed a Memorandum of Understanding on AIFMD with third countries.
  • 3 April 2020, ESMA published its final guidance on performance fees in investment funds, applicable to UCITS and certain types of AIFs.
  • 4 June 2020, ESMA published a supervisory briefing on the supervision by national competent authorities (NCAs) of costs applicable to UCITS and AIFs.
  • 17 July 2020, ESMA issued the official translations of its guidelines on liquidity stress testing in UCITS and AIFs.

Next steps

  • The Commission has started its review process of the AIFMD.
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