European Commission Publishes AIFMD Level 2 Implementing Regulation

The European Commission has today published the long awaited Level 2 Implementing Regulation supplementing the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFM). The Level 2 measures deal with the following key matters:

• Conditions and procedure for the determination and authorisation of alternative investment fund managers (AIFMs), including the capital requirements applicable to AIFMs;
• Operating conditions for AIFMs, including rules on remuneration, conflicts of interest, risk management, liquidity management, investment in securitisation positions, organisational requirements, and rules on valuation;
• Conditions for delegation including further clarity on the meaning of a letter box entity;
• Rules on depositaries, including the depositary’s tasks and liability;
• Reporting requirements and leverage calculation; and
• Rules for cooperation arrangements.

A copy of the Level 2 Implementing Regulation can be obtained here. If you have any questions or would like more information on the issues raised in this news item please feel free to contact our Investment Services & Funds Team.