ESMA seeks preliminary views on future rules for alternative investment fund managers
15 April 2011
The discussion paper asks for stakeholders’ views on many issues, including how to treat AIFMs whose total assets under management occasionally exceed and/or fall below the relevant threshold.
ESMA has published this discussion paper in order to narrow down the policy options for its future implementing measures of the AIFMD. However, at this stage the document does not include any formal proposals for advice on possible implementing measures. In particular, the discussion paper asks for stakeholders’ views on:
• how to identify the portfolios of Alternative Investment Funds (AIFs) under management by a particular fund manager and the calculation of the total value of assets under management;
• how leverage influences the assets under management;
• how to determine the value of the assets under management by an AIF for a given calendar year;
• how to treat potential cases of cross-holding among the AIFs managed by a fund manager;
• how to treat AIFMs whose total assets under management occasionally exceed and/or fall below the relevant threshold;
• what the registration requirements should be for entities falling below the threshold;
• how the obligation to register with national competent authorities should be implemented, and establishing what the suitable mechanisms for gathering information might look like; and
• what the procedures should be for small managers to ‘opt-in’ to the AIFMD.
Generally, the objective of the Directive is to provide robust and harmonised regulatory standards for all alternative investment managers that fall within the scope of the AIFMD. In particular, it aims to enhance transparency towards investors and national authorities regarding managers’ investment management activities. These standards will also enable Member States to improve the macro-prudential oversight of the fund sector, and to take co-ordinated action if necessary to ensure the proper functioning of financial markets.
© ESMA
