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On 19 December 2012, the European Commission published the so-called ‘Level 2 measures’ to supplement certain elements of the Alternative Investment Fund Manager Directive (AIFMD). Marc Saluzzi, Chairman of ALFI, comments: “The publication of the ‘Level 2’ measures finally allows a 3 year-long painful legislative process to near completion. The development of a regulated alternative investment fund industry in Europe is nearing reality.”
The measures published cover:
- 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...
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