AIMFD review: ECB published its opinion and made specific observations
On 3 October 2022, the European Union published in its Official Journal the opinion of the European Central Bank of 9 August 2022 on a proposal for a directive as regards delegation arrangements, liquidity risk management, supervisory reporting, provision of depositary and custody services and loan origination by alternative investment funds.
As a general observation, the ECB welcomes the proposed directive’s principal aims to fill certain regulatory gaps in the functioning of the AIFMD to ensure a coherent supervisory approach to the risks that Alternative Investment Funds (AIFs) pose to the financial system and to provide a high level of investor protection, while facilitating their integration into the EU financial market.
But it would have welcomed that the proposed directive also covered issues such as the operationalisation and development of macroprudential tools applied ex ante as a means of reducing risks to the financial system that are posed by AIFs, as well as ensuring that detailed data on individual AIFs are made available to the ECB and other relevant ESCB central banks.
As such, the ECB's specific observations relate to:
Liquidity management and macroprudential tools,
European System of Central Banks (ESCB) access to detailed data on the AIF sector.