January 23, 2012 – The UK Financial Services Authority has published a discussion paper on implementation of the Alternative Investment Fund Managers Directive in the UK.
The paper invites stakeholders to respond to a number of discussion questions in relation to:
- how the Directive will be implemented in the UK
- the scope of the Directive
- the requirements applicable to the operation of AIFMs and the management of AIFs
- the transparency requirements imposed on AIFMs
- the requirements for depositaries
- the requirements on marketing of AIFs to professional investors
- specialist types of AIF
Responses should be submitted by March 23, 2012.
December 7, 2011 – The European Commission has released its proposal in relation to European Venture Capital Funds (COM/2011/860) – Please refer to section entitled Venture Capital Initiative of Mayer Brown’s website for further information.
November 16, 2011 – ESMA has posted its “Final report - ESMA's technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive“ (ESMA/2011/379).
This report will be the basis on which the Commission will draft its level II provisions prospectively until February 2012.
September 13, 2011 – Deadline for submitting comments to the ESMA’s consultation paper (ESMA/2011/209) setting out its proposals for the detailed implementing measures for the Alternative Investment Fund Managers Directive (AIFMD).
August 23, 2011 - ESMA published a consultation paper (ESMA/2011/270) setting out its proposals for the detailed rules on supervision and third country entities underlying the Alternative Investment Fund Managers Directive (AIFMD). The August 23’s publication is a complement to the draft advice published for consultation in July (ESMA/2011/209). ESMA invites comments on the consultation paper until 23 September 2011. The comments (as well as the comments on the draft advice published for consultation in July) will be used by ESMA to finalize its advice to the European Commission due for submission by 16 November 2011.
On 13 July 2011 ESMA published a consultation paper (ESMA/2011/209) setting out its proposals for the detailed implementing measures for the Alternative Investment Fund Managers Directive (AIFMD). ESMA invites comments on the consultation paper until 13 September 2011. The comments will be used by ESMA to finalize its advice to the European Commission due for submission by 16 November 2011.
The introduction of the consultation paper reads as follows (page 8):
“1. The European Commission’s proposal for a Directive on Alternative Investment Fund Managers was published in April 2009. Following intensive negotiations among the co-legislators over the period that followed, a political compromise was reached on the draft Directive in October 2010. The following December, the Commission sent a request to CESR (now ESMA) for technical advice on the detailed implementing measures that should form part of the AIFMD framework. The Commission’s request is split into four parts:
- Part I: General provisions, authorisation and operating conditions
- Part II: Depositary
- Part III: Transparency requirements and leverage
- Part IV: Supervision
2. This consultation paper (CP) sets out ESMA’s draft advice on most of the elements covered under Parts I to III of the Commission’s request. …”
July 1, 2011 – Publication in the Official Journal of the EU of the Directive 2011/61/EC on Alternative Investment Fund Managers (AIFM).
May 27, 2011 – The Council adopted the AIFM Directive. Please see here for the Council’s press release. The directive will enter into force on the 20th day following its publication in the Official Journal of the EU; member states will have two years to transpose its provisions into national law.
May 13, 2011 – The translation of the Directive has been finalized. See here for the English version of the Directive. It is expected that the Council will approve the Directive on May 27, 2011.
April 15, 2011 – Discussion paper: ESMA has published a discussion paper on it’s policy orientations on possible implementing measures under Article 3 of the AIFM Directive. See here for the discussion paper.
February 21, 2011 – Extension of deadline: According to the European Commission, the AIFM Directive will most likely not enter into force before June 2011. Therefore, the deadline for the reception of ESMA’s advice will be extended by two months to November 16, 2011. See here for Provisional request for a technical advice on the Directive for Alternative Investment Fund Managers (AIFM) level 2 measures: Extension of deadline.