AIFMD—the role of competent authorities
AIFMD—the role of competent authorities

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • AIFMD—the role of competent authorities
  • The role of competent authorities
  • What is a competent authority?
  • Responsibility of competent authorities in Member States
  • Supervision
  • Hosting
  • Information gathering
  • Information sharing and systemic risk
  • Competent authorities and the obligation to cooperate
  • Cooperation in supervisory activities
  • More...

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

The role of competent authorities

The Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD) was transposed into national law on 22 July 2013 and brought the alternative investment sector under a single market framework. This Practice Note examines the role of competent authorities (CA) and their key responsibilities including supervision and dispute resolution, hosting, information gathering and sharing obligations.

What is a competent authority?

A CA is defined in AIFMD as 'the national authorities of Member States which are empowered by law or regulation to supervise alternative investment fund managers' (AIFMs) (Article 4(1)(f)).

Member States must inform the European Securities Markets Association (ESMA) and the European Commission (Commission) which CAs will carry out the duties imposed by AIFMD and indicate if there is any division of duties. A CA must be a public authority. For further information on ESMA, see Practice Note: Guide to the European Securities and Markets Authority (ESMA). Guidance on how the UK interacts

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