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KPMG European Commission AIFMD Impact Study

KPMG European Commission AIFMD Impact Study

The EU has asked us to seek your views on AIFMD

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The European Commission is currently investigating the effectiveness and competitiveness of the Alternative Investment Fund Managers Directive (“AIFMD”) and considering how it should be updated, which will likely result in AIFMD II. KPMG has worked closely with ESMA, the BVCA and industry during the consultation and implementation of AIFMD and we continue to be at the forefront of discussions as AIFMD II develops.

KPMG has been engaged by Directorate General for Financial Stability, Financial Services and Capital Markets Union of the European Commission (“DG FISMA”) to provide a study on how the AIFMD has worked in practice and to what extent its objectives have been met (the “Study”).

The Study is focusing on 15 EU member states and is also considering the views of Third Countries. The Channel Islands has been selected as one of the Third Countries where views will be sought through the completion of an online survey. This is our industry’s opportunity to share its views and experience with the European Commission and we therefore kindly request your participation in the online survey, which will be open until 30 March 2018. 

We are seeking input from the wide range of stakeholders impacted by the AIFMD, including Alternative Investment Fund Managers (“AIFMs”), Alternative Investment Funds (“AIFs”), industry bodies, depositaries, investors, distributors and asset managers. We are asking for views on the AIFMD’s requirements, experience in applying them and the market impacts. More detail is included below for your reference.

The online survey will then be complemented by an evidence-based study assessing whether the AIFMD is effective, efficient, relevant and coherent and has had added value for the EU and also for Third Countries in accessing EU investor capital.

The following link provides access to the survey along with instructions, an important notice and additional details regarding data privacy. This is an open link and we are seeking as many responses as possible, so the survey can either be completed as an individual or as part of an organisation, depending on your internal policies and requirements. 

Should you have any questions, please either use the contact details in the survey or contact one of the KPMG Channel Islands contacts listed.

Detailed scope

The Study includes a general overview regarding the functioning of specific AIFMD requirements and how they work in practice, including:

a) the marketing by European Union resident (“EU”) AIFMs of non-EU AIFs in the Member States taking place through national regimes;

b) the marketing of AIFs in the Member States by non-EU AIFMs taking place through national regimes;

c) the management and marketing of AIFs in the EU by AIFMs authorised in accordance with this Directive taking place through the passport regime provided for in this Directive;

d) the marketing of AIFs in the EU by or on behalf of persons or entities other than AIFMs;

e) the investment into AIFs by or on behalf of European professional investors;

f) the impact of the depositary rules set out in Article 21 of the AIFMD on the depositary market in the EU;

g) the impact of the transparency and reporting requirements set out in Articles 22 to 24, 28 and 29 of the AIFMD on the assessment of systemic risk;

h) the potential adverse impact on retail investors;

i) the impact of the AIFMD on the operation and viability of the private equity and venture capital funds;

j) the impact of the AIFMD on the investor access in the EU;

k) the impact of the AIFMD on investment in or for the benefit of developing countries;

l) the impact of the AIFMD on the protection of non-listed companies or issuers provided by Articles 26 to 30 of the AIFMD and on the level playing field between AIFs and other investors after the acquisition of major holdings in or control over such non-listed companies or issuers.

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