AIFMD – Room for improvement

On 18 August 2020, the European Securities and Markets Authority (“ESMA”) sent a letter to the European Commission (the “Commission”) setting out suggested improvements to the Alternative Investment Fund Managers Directive (“AIFMD”) for consideration as part of the Commission’s current review of AIFMD. While the focus of the letter is on AIFMD, several suggestions also relate to amendments to the Undertakings for Collective Investment in Transferable Securities (“UCITS”) framework.

Two annexes to the letter contain the detail of the suggestions being put forward by ESMA. Annex I sets out 19 key issues relating to the legislative framework where ESMA recommends amendments. Annex II sets out suggested amendments to the AIFMD reporting regime and use of data.


Click to view advisory