Alternative Investment Fund Managers Directive (AIFMD) definition

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EU AIFMD—timeline

EU AIFMD—timeline This timeline shows key developments relating to the Alternative Investment Fund Managers Directive (EU) 2011/61/EU (EU AIFMD) from January 2024 onwards. For earlier developments, see Alternative Investment Fund Managers Directive (AIFMD)—timeline [Archived]. For further guidance on EU AIFMD, see Practice Note: EU AIFMD—essentials. For further guidance on the UK Alternative Investment Fund Managers (AIFM) regime, see Practice Note: UK regulation of alternative investment fund managers—essentials. 2025 Date Source Document Description 24 April 2025 ESMA ESMA assesses the risks posed by the use of leverage in the fund sectorTRV Article: Risks in UCITS using the absolute Value-at-Risk approachTRV Article: Annual risk assessment of leveraged AIFs in the EU – 2024 The European Securities and Markets Authority (ESMA) has published its annual risk assessment of leveraged alternative investment funds (AIFs) and its first analysis on risks in the (Undertakings for the Collective Investment in Transferable Securities) UCITS using the absolute Value-at-Risk (VaR) approach. ESMA’s analysis identifies that while most EU funds utilise limited leverage, a subset of AIFs—particularly hedge...

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Essentials Practice Notes—financial services

Essentials Practice Notes—financial services The Lexis+® UK Financial Services team's Essentials guides are a series of Practice Notes containing comprehensive overviews of key UK and EU financial services regulation covering all major points of interest and recent developments. The Essentials Practice Notes serve as 'feeder notes' to further Lexis+® UK practical guidance and news content. As well as being listed in the UK and EU financial services regulation essentials subtopic, they are also located in the relevant subtopic in the Financial Services topic tree alongside (as indicated below) together with additional content. For collections of one minute guides and timelines, see: UK and EU financial services regulation—one minute guides—overview and UK and EU financial services regulation—trackers and timelines—overview. For a getting started guide to the content in the Financial Services module, see Practice Note: Financial Services—getting started guide. EU and EU-derived FS regulation essentials • UK regulation of alternative investment fund managers—essentials—find this Practice Note, along with further information on the Alternative Investment Fund Managers...

EU collection—Financial Services

EU collection—Financial Services This page collects together Financial Services content that addresses matters of EU law. For information on EU law generally, see EU structure, EU legislative process , EU judicial system, and EU rights and policies which can be found in the EU Law topic within the Public Law practice area. AIFMD • AIFM regime—overview • UK regulation of alternative investment fund managers—essentials • UK AIFM regime—disclosure, reporting and anti-asset stripping requirements • UK AIFM Remuneration Code • UK regime for marketing alternative investment funds (AIFs) • European Long-Term Investment Funds Regulation (the ELTIF Regulation) • European Venture Capital Funds (EuVECA) Regulation • The European Social Entrepreneurship Funds (EuSEF) Regulation Anti-money laundering and counter-terrorist financing—issues for financial services firms • The Money Laundering Regulations 2017 (MLRs)—essentials for financial services • MLD4 and UK implementation—key provisions for financial services firms—one minute guide • MLD5 and UK implementation—key provisions for financial services firms—one minute guide • Second Wire Transfer Regulation (EU WTR2 and UK WTR2)—essentials Bank recovery and resolution...

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Where can I find information relating to FCA perimeter issues?

Where can I find information relating to FCA perimeter issues? The FCA's Perimeter Guidance manual (PERG) provides guidance about the circumstances in which authorisation is required, or exempt person status is available, including guidance on the activities which are regulated under the Financial Services and Markets Act 2000 (the Act) and the exclusions which are available. Application of the Perimeter Guidance manual (PERG) PERG applies to: • a person who is considering carrying on activities in the United Kingdom which may fall within the scope of the Act and is seeking guidance on whether he/she needs to be an authorised person • a person who seeks to become an authorised person under the Act and who is, or is considering, applying for Part 4A permission to carry on regulated activities in the United Kingdom • a person who is seeking guidance on whether any communication he/she may be seeking to make or cause to be made will be a financial promotion and be subject to the restriction...

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Financial Services—other developments (6/5/2025)

A round-up of other developments, which have not been covered in full by the LexisNexis Financial Services practical guidance team but may nevertheless be of interest.

ESMA publishes draft RTS and final report on guidelines on liquidity management tools for funds

The European Securities and Markets Authority (ESMA) has published draft regulatory technical standards (RTS) and a final report on guidelines concerning liquidity management tools (LMTs) for funds. This is part of the implementation of the revised Alternative Investment Fund Managers Directive (AIFMD) and the Undertakings for the Collective Investment in Transferable Securities (UCITS) Directive, which requires ESMA to develop draft RTS to determine the characteristics of LMTs for funds. ESMA is also required to develop guidelines on the selection and calibration of LMTs by fund managers for liquidity management and for mitigating financial stability risks. The guidelines recognise that the primary responsibility for liquidity risk management remains with the managers and clarify the circumstances in which side pockets may be activated. The draft RTS has been submitted to the European Commission for adoption and the guidelines will be translated and applied following the adoption of the RTS.