As a result of the vulnerabilities exposed in financial systems as a result of the financial crisis, this proposal has been put together by the EU Commission and forms part of an ambitious Commission programme to extend appropriate regulation and oversight to all actors and activities that embed significant risks. One such area is the activities of the managers and administrators of alternative investment funds (AIFM). The proposed directive will provide robust and harmonised regulatory standards for all AIFM within scope and will enhance the transparency of the activities of AIFM and the funds they manage towards investors and public authorities. The need for closer regulatory engagement with this sector has also been highlighted by the European Parliament and by the High-Level Group on Financial Supervision chaired by Jacques de Larosière.