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The Alternative Investment Fund Managers Directive (AIFMD) is a European financial directive which was published in the Official Journal of the European Union on July 1, 2011 and came into force on July 21, 2011. The AIFMD applies to hedge fund managers, private equity fund managers, real estate fund managers, and managers of other alternative investments operating within, or marketing to investors in, the European Union (EU). It was designed by EU policy makers as a comprehensive plan for the oversight of alternative investment fund managers (AIFMs) operating in the EU. The plan requires all covered AIFMs to obtain authorisation from the EU and submit to government regulation. The directive was introduced following the global financial crisis, seeking to address regulatory gaps and reduce systemic risk in the alternative investment industry as well as helping the EU to meet G-20 established commitments. Prior to the directive, the alternative investment industry had not been regulated at the EU level. It was reported in May 2014 that only one-third of EU member states had successfully implemented the directive into law. As of 2014, the countries that had transposed AIFMD into law include the United Kingdom, Luxembourg, Germany, France, Malta and Ireland. In December 2014, the European Commission issued a formal warning to countries including Spain, Latvia and Poland for not complying with AIFMD implementation. == Background== The AIFMD was prompted as part of a wider regulatory effort undertaken by G20 nations following the global market downturn of 2008. Provisions of the AIFMD include increasing transparency by AIFMs〔〔 and assuring that national supervisors, the European Securities and Markets Authority (ESMA), and the European Systemic Risk Board (ESRB) have the information they need to monitor financial systems in the EU.〔 The AIFMD also is intended to protect investors. On the need for the directive, an explanatory document from the European Commission stated that AIFMs had become "very significant actors in the European financial system, managing a large quantity of assets on behalf of pension funds and other investors; accounting for a significant proportion of trading activity in financial markets; and constituting an important source of counterparty risk for other market participants" and that they had "contributed to the build-up of leverage in the financial system, the consequences of which for the stability of financial markets became apparent when leverage in the hedge fund sector was rapidly unwound during the crisis". When the directive was approved by the European Parliament, Barroso, then President of the European Commission, said "The adoption of the directive means that hedge funds and private equity will no longer operate in a regulatory void outside the scope of supervisors. The new regime brings transparency and security to the way these funds are managed and operate, which adds to the overall stability of our financial system." 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Alternative Investment Fund Managers Directive」の詳細全文を読む スポンサード リンク
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