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10 January 2019

European Commission: Report on the operation of the alternative investment fund managers directive (AIFMD)


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The European Commission released a report on the impact of the rules on alternative investment fund managers, which play an important role towards the Capital Markets Union's objective to increase opportunities for EU savers.


Managers of alternative investment funds (AIFMs) are responsible for the management of a significant amount of invested assets in the Union and account for significant amounts of trading in markets for financial instruments. They contribute to building a Capital Markets Union by making institutional savings available as loans to companies and projects which contribute to growth and jobs.

This report confirms that AIFMD has significantly contributed to creating an internal market for AIFs by establishing a harmonised and stringent regulatory and supervisory framework for AIFMs. Most of the AIFMD provisions are assessed as having achieved the intended objectives efficiently and effectively. Their continuous relevance is confirmed by the existing market needs. The report also identifies a number of areas which require further in-depth analysis.

Based on the insights gained from the report as well as other sources of data and further analysis, the Commission will continue its ongoing work on the AIFMD review - as requested by the review clause in the directive - with particular focus on the issues identified as requiring further reflection. Next year the Commission will prepare a report to the co-legislators on the functioning of this legislation, as required by the directive.

Press release

Full report



© European Commission


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