The Directorate General for Financial Stability, Financial Services and Capital Markets Union of the European Commission (DG FISMA) has mandated KPMG to provide a comprehensive study on how the “Directive of Alternative Investment Fund Managers” (AIFMD) has worked in practice and to what extent its objectives have been met. Further details are below however broad industry input is being sought to the review and the survey can be found by clicking here.
The assessment includes a general overview regarding the functioning of specific AIFMD requirements and how they work in practice, including:
a) the marketing by EU AIFMs of non-EU AIFs in the Member States taking place through national regimes;
b) the marketing of AIFs in the Member States by non-EU AIFMs taking place through national regimes;
c) the management and marketing of AIFs in the Union by AIFMs authorised in accordance with this Directive taking place through the passport regime provided for in this Directive;
d) the marketing of AIFs in the Union by or on behalf of persons or entities other than AIFMs;
e) the investment into AIFs by or on behalf of European professional investors;
f) the impact of the depositary rules set out in Article 21 of the AIFMD on the depositary market in the Union;
g) the impact of the transparency and reporting requirements set out in Articles 22 to 24, 28 and 29 of the AIFMD on the assessment of systemic risk;
h) the potential adverse impact on retail investors;
i) the impact of the AIFMD on the operation and viability of the private equity and venture capital funds;
j) the impact of the AIFMD on the investor access in the Union;
k) the impact of the AIFMD on investment in or for the benefit of developing countries;
l) the impact of the AIFMD on the protection of non-listed companies or issuers provided by Articles 26 to 30 of the AIFMD and on the level playing field between AIFs and other investors after the acquisition of major holdings in or control over such non-listed companies or issuers.
The study is focused on 15 EU Member States, but respondents from any countries (including non-EU) are welcome. We are carrying out an online survey until 15 March, which seeks input from the wide range of stakeholders impacted by the AIFMD, including AIFMs, depositaries, investors, distributors and asset managers. We are asking for views on the AIFMD’s requirements, experience in applying them and the market impacts.
The online survey will be complemented by an evidence-based study assessing whether the AIFMD is effective, efficient, relevant and coherent and has had added value for the EU.
Broad industry participation is encouraged and the link to the survey is here.