10 Mar 2011 Focus on AIFM Directive
After a long and, at times, painful gestation, the European Commission’s AIFM Directive has been signed into law.
Dominique Lecocq (DL): The AIFM Directive is merely a framework; more detailed rules and implementation guidelines will follow in Level II. On 2 December 2010, the Commission sent a request
for technical advice on Level II measures concerning the Directive to the Committee of European Securities Regulators (CESR). The targeted deadline for the delivery of a response is 16 September 2011, and so the industry will be working with grey areas and uncertain measures for almost one year. While Level II will not allow deviation from the text of the Directive, implementation
could lead to increased flexibility or additional constraints. Level II will primarily address the general provisions, authorisation and operating conditions of the Directive, the implementing measures regarding deposits, transparency and leverage requirements, as well as the supervision.