Flashnews: Consultation on AIFMD review is launched
The process of the AIFMD review started on 10 January 2019 with the publication by the European Commission of KPMG* report on AIFMD.
On 10 June 2020 the Commission issued its own reportto the European Parliament and the Council on the application and scope of the AIFMD. And on 18 August 2020, ESMA sent a letter to the Commission to recommend topics to include in this review.
Then on 22 October 2020, the Commission launched the consultationon the AIFMD review.
This consultation aims:
- To test the market appetite for potential changes to the AIFMD;
- and to gather views from stakeholders concerned, in particular collective investment fund managers, distributors, industry representatives, regulators, investors and investor protection associations.
The consultation focuses on the following 7 areas:
- Functioning of the AIFMD regulatory framework, scope and authorisation requirements
- Investor protection
- investor classification and investor access
- depositary regime
- transparency and conflicts of interest
- valuation rules
- International relations
- Financial stability
- macroprudential tools
- supervisory reporting requirements
- Investing in private company
- Sustainability / ESG
Interested stakeholders are invited to reply to the Commission by 29 January 2021.
Next step for the AIFMD review: a legislative proposal amending AIFMD is expected in the course of 2021.
* KPMG Report: https://ec.europa.eu/info/publications/190110-aifmd-operation-report_en
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