The European Commission has published a proposed directive providing rules for Alternative Investment Fund Managers – legal entities that professionally manage one or more investment institutions that do not fall under the obligation to have a licence pursuant to the UCITS Directive (Icbe-richtlijn).

The proposed directive will require mangers of hedge funds to apply for a licence if they manage assets in excess of EUR 100 million and managers of private equity to apply for a licence if they manage assets in excess of EUR 500 million. Managers will also be obliged to provide information to supervisory bodies and investors. In addition, the directive also provides codes of conduct, rules regarding the own funds requirement and rules regarding transparency and delegation.