The Commission finally released the Delegated Regulation under the Alternative Investment Fund Managers Directive (AIFMD) on 19 December. The measures are a precondition for the application of the AIFMD in EU countries. The Regulation covers :

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

The Delegated Regulation is subject to a three-month scrutiny period by the EP and the Council and, assuming there is no objection, will then enter into force the day after it is published in the Official Journal.

(Source: Commission Adopts AIFMD Level 2 Measures)