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Publication of the adopted implementing rules for the AIFM Directive

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On 19 December 2012, the European Commission adopted a Delegated Regulation (the so-called Level II Regulation) supplementing the Directive on Alternative Investment Fund Managers (the AIFM Directive).

The Level II regulation is a precondition for the application of the AIFM Directive and was adopted to supplement certain elements of the AIFM Directive regarding the conditions and procedures for authorisation of AIFM’s and other ongoing rules and requirements. The adopted Level II Regulation is subject to a three-month scrutiny period by the European Council and the European Parliament. The co-legislators  can only object against the Level II Regulation as a whole. Amendments are, in principle, no longer possible.

ESMA publishes two consultation papers

The European Securities and Markets Authority (ESMA) has been given the power to develop further technical standards and guidelines, where relevant in the application of the AIFM Directive, to ensure uniform conditions of application of the AIFM Directive.

On 19 December 2012 ESMA launched two consultations on Draft regulatory technical standards on types of AIFMs and on Guidelines on key concepts of the AIFM Directive. Both papers provide for further rules and guidance on several key concepts of the AIFM Directive and follow an earlier discussion paper published by ESMA in February 2012.

The closing date for responses to these consultations is on 1 February 2013.

Links to the two ESMA consultation papers:


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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