Finally, the deposita ry regime establishing the duties and liability of depositaries, including safekeeping AIF assets and overseeing AIF activities, safeguard s investor interests. Requirements on valuation, which is necessary for establishing each investor’s share in a given AIF and for monitoring the AIF’s performance, have increased discipline and structure in the asset valuation process. 7 The rules on conflicts of interest, disclosure and transparency requirements are necessary to protect investor s. The Commission ’s appraisal of the scope and functioning of the AIFMD legal framework concludes that the AIFMD standards for ensuring high level s of investor protection are mostly effective. 5 The AIFMD has become a significant pillar of the Capital Markets Union ( ‘ CMU ’ ) 6 thanks to the ability of investment funds to offer access to market-based sources of financing and to enable investors to better allocate their savings over the chosen time horizon in accord ance with their preferences.
#Ischedule d portfolio manager professional
In fulfilling these requirements, they are able to manage and market AIFs to professional investors across the Union with a single authorisation from their home supervisor. 4 A lternative Investment Funds Managers ( ‘ AIFMs ’ ) are requi red to effectively manage risks and ensure adequate transparency of the activities of AIFs they manage. The Directive also aims to provide high-level investor protection while facilitat ing the integration of AIF s in the EU market. 3Īs a post-crisis regulatory initiative, the AIFMD s eeks a coherent supervisory approach to the risks that the activities of A lternative Investments Funds ( ‘ AIFs ’ ) may generate or convey to the financial system. The AIFMD was adopted on 8 June 2011 as part of the policy response to the global financial crisis, which exposed weaknesses and vulnerabilities in certain fund activities that could amplify risks to the broader financial system. Consequently, this legislative proposal aims to address these issues by amending AIFMD and UCITSD to better align their requirements. The Commission considered that a number of issues highlighted in the AIFMD review are equally relevant for the activities of UCITS. The Commission reviewed the application of the scope of the AIFMD as mandated by Article 69 of the Directive. This legislative proposal puts forward amendments to the Alternative Investment Funds Manager Directive (AIFMD – Directive 2011/61/EU) 1 and, to the relevant extent, to the Directive relating to undertakings for collective investment in transferable securities (‘UCITS’) (UCITSD – Directive 2009/65/EC). Reasons for and objectives of the proposal.
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