The long awaited Alternative Investment Fund Managers Directive (AIFMD) Level 2 Regulation (AIFMD Regulation) issued on 19 December 2012. The AIFMD must be implemented in the EU by 22 July 2013 and aims to create a comprehensive and effective regulatory and supervisory environment for alternative investment fund managers (AIFM) in Europe. The Regulation, when it enters into force, will be directly applicable and will not require any transposition into Member State law. It will supplement elements of the AIFMD. The rules deal with the:

  • conditions and procedure for the determination and authorisation of AIFMs, including the capital requirements applicable to AIFMs;
  • operating conditions for AIFMs, including rules on remuneration, conflicts of interest, risk management, liquidity management, investment in securitisation positions, organisational requirements, rules on valuation;
  • conditions for delegation; rules on depositaries, including the depositary's tasks and liability; reporting requirements and leverage calculation; rules for cooperation arrangements.