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Two new consultations concerning the AIFM directive

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Both the European Securities and Markets Authority (ESMA) and the Ministry of Finance have made a consultation document available concerning the Alternative Investment Fund Managers Directive (AIFM Directive).

ESMA Consultation concerning third country policy in the AIFM Directive

The European Securities and Markets Authority (ESMA) was requested by the European Commission to issue technical advice concerning the further implementation measures with respect to the Alternative Investment Fund Managers Directive (AIFM Directive, 2011/61/EU).

ESMA has drawn up a draft advice concerning third-country policy and presented it to the market for consultation. The consultation period started on 23 August 2011 and will end on 23 September 2011.

Consultation by the Ministry of Finance concerning the draft legislative proposal implementing the AIFM Directive

The Netherlands is required to convert the AIFM Directive into national legislation before 22 July 2013. The Ministry of Finance made a consultation document available on 19 August 2011 concerning the draft legislative proposal implementing the AIFM Directive in the Netherlands. The Ministry of Finance provides interested parties with an opportunity to respond by means of this consultation. Market parties have to submit their responses to the consultation version before 30 September 2011 (see the link below).

  • To the consultation document
    The Ministry of Finance will establish the final text of the legislative proposal (partly) on the basis of the responses received.


The European Parliament adopted the AIFM Directive on 11 November 2010. This Directive was officially announced at the start of July with an implementation term of two years. The scope of the AIFM Directive is very broad and applies to all management companies of collective investment companies that do not qualify as UCITS. Briefly put, UCITS refers to collective investment companies that focus of private (retail) investors. In concrete terms, the introduction of the AIFM directive means that, as of 22 July 2013, many as of yet unregulated non-UCITS funds will come under supervision. There will be a lighter regime for exempted management companies. Non-UCITS funds are defined as alternative collective investment funds, such as hedge funds, private equity funds, real estate and other non-retail funds.

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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