Origins and aims of AIFMD
Managers of Alternative Investment Funds (AIFMs) are responsible for the management of €3 trillion of assets across the European Union. They manage further significant pools of assets via global fund ranges marketed to European sophisticated investors.
AIFMD captures a very broad spectrum of investment funds and asset classes as any investment fund marketed to non-retail investors in Europe is likely to be in scope. AIFMs therefore account for significant amounts of trading in markets for financial instruments, and can exercise an important influence on markets and companies in which they invest.
The aim of the Alternative Investment Funds Directive (AIFMD), agreed on 8 June 2011, was to establish common requirements governing the authorisation, operations and supervision of AIFMs in order to provide a coherent approach to the related risks and their impact on investors and markets in the European Union.
The Directive came into force on 21 July 2011 with level 2 implementing measures published on 19 December 2012. Non-EU AIFMs have a phased compliance obligation for registration which must be met, in full, no later than July 2018 (there are additional interim restrictions/ requirements for them to satisfy, subject to existing member state requirements).