ESMA reveals proposed amendments to AIFMD

The European Securities and Markets Authority (ESMA) has recommended areas for amendments to the European Commission regarding the AIFMD.

The regulator’s letter follows its evaluation of the impacts of AIFMD to date, based on a review carried out by KPMG in 2017. It highlights the following 19 areas of the Directive in which ESMA recommends amendments should be made:

1. Harmonisation of AIFMD and UCITS regimes
2. Harmonised reporting for UCITS
3. Scope of additional MiFID services and application rules
4. Delegation and substance
5. Availability of additional liquidity management tools
6. Leverage
7. AIFMD reporting regime and data use
8. Harmonisation of supervision of cross-border entities
9. Semi-professional investors
10. Loan origination in AIFMD
11. Application of depositary rules to CSDs
12. Proportionality principle for remuneration requirements
13. Sub-threshold AIFMs
14. External...