On 10 January 2019, the European Commission released a report on the operation of the Alternative Investment Fund Managers Directive (AIFMD). The report confirms that current rules in the AIFMD have significantly contributed to creating a single market for alternative investment funds by establishing a harmonised regulatory and supervisory framework. Most of the AIFMD provisions are assessed as having achieved their objectives, but the report also identifies areas that require further analysis, such as diverging interpretations of the rules by national competent authorities and overlaps in reporting requirements with other EU disclosure rules.
The report, which has been prepared by an external contractor, represents the first step in the AIFMD review process. The Commission will continue its review of the AIFMD and next year will report to the European Parliament and the Council, as required by the Directive.