AIFMD II Consultation
On 22nd October 2020, the European Commission (EC) published the much anticipated consultation on the Alternative Investment Fund Managers Directive (AIFMD).
ESMA’s AIFMD Recommendations – A Specific Look at Delegation
As discussed in our previous blog , ESMA has written to the European Commission ahead of the EU executive’s review of the AIFMD regulation. Although ESMA has recommended a raft of potential changes, one area that appears to be garnering particular attention, is the issue of delegation and substance.
ESMA’s Proposed Changes to AIFMD
When the European Commission announced back in March 2018, a proposal to amend the Alternative Investment Fund Managers Directive (AIFMD), in order to provide for a uniform regime for “pre-marketing” of alternative investment funds (AIFs) across Europe, there were many commentators that declared that “AIFMD II had finally arrived”.
ESMA’s Proposed Changes to AIFMD Reporting Regime
Last week, ESMA published a letter to the Commission setting out 19 key areas where it believes AIFMD could be improved. Specifically, ESMA’s letter includes: harmonising the AIFMD and UCITS regimes; delegation and substance; liquidity management tools; leverage; and the harmonisation of supervision of cross-border entities.