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European Commission Publishes Survey About the Functioning of the AIFMD

On February 8, the European Commission published an online survey about the functioning of the Alternative Investment Fund Managers Directive (AIFMD). Article 69(1) of the AIFMD requires the EC to have commenced by July 22, 2017, its review of the AIFMD’s scope and application. However, the review process has started late due to the EC’s focus on competing priorities, such as Brexit.

The EC’s Directorate General for Financial Stability, Financial Services and Capital Markets (DG FISMA) explains that it has contracted the professional service company, KPMG, to conduct research on how the AIFMD has worked in practice and to what extent its objectives have been met. The aim of the survey is to gather views of stakeholders on the AIFMD’s requirements, stakeholders’ experiences of applying those requirements and the impact of the AIFMD on the market.

In particular, the survey seeks the views of stakeholders on:

  • AIFMD’s impact on the information provided to investors before they invest;
  • Whether retail investors are affected by AIFMD; and
  • Whether other legislation, for example tax legislation, has assisted or hindered the achievement of the AIFMD’s objectives.

DG FISMA does not specify when the survey will close to submissions, but the information from the survey will help to inform DG FISMA’s final report on the functioning of the AIFMD.

The survey is available here.

©2018 Katten Muchin Rosenman LLP


About this Author

Carolyn H. Jackson, International Attorney, Katten Muchin law firm

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws...

+44 0 20 7776 7625
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring and documentation relating to OTC derivatives and structured products.

Prior to joining Katten, Nathaniel was a member of the US Regulatory and the Derivatives and Structured Finance practices at Allen & Overy LLP.

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...