Cette semaine, l’AMF (Autorité des marchés financiers), l’ESMA (European Securities and Markets Authority et l’AIMA (Alternative Investment Management Association) proposent des publications sur la directive AIFM.

L’AMF agrège dans un dossier l’intégralité des publications légales liées à AIFM en France.
L’ESMA émet une opinion sur les délais de transcription d’AIFM en droit local et les retards pris par certains pays.
L’AIMA délivre un document sur l’état d’avancée en Europe de la transcription de la directive.


Dossier thématique de l’AMF : La directive AIFM est en vigueur en France
La directive 2011/61/UE sur les gestionnaires de fonds d’investissement alternatifs (directive AIFM) a été transposée en droit national. Elle vise à créer un cadre harmonisé pour les gestionnaires de fonds alternatifs dits « FIA » en Europe tout en renforçant la protection des investisseurs et des épargnants.
La directive AIFM vient d’être transposée en droit français par l’ordonnance 2013-676 publiée au journal officiel du 27 juillet 2013. Elle simplifie le cadre juridique de la gestion d’actifs tout en renforçant la protection des investisseurs et des épargnants…

 


The European Securities and Markets Authority (ESMA) has published an Opinion on arrangements for the late imposition of the AIFMD.
1. Legal basis
1 The European Securities and Markets Authority’s (ESMA) competence to deliver an opinion is based
on Article 29(1)(a) of Regulation (EC) No 1095/2010 (Regulation). In accordance with Article 44(1) of
the Regulation the Board of Supervisors has adopted this opinion.
2. The scope of this opinion is confined to the provision of collective portfolio management services.
2. Background
3. The deadline for the transposition of the AIFMD (Directive 2011/61/EU, hereafter the Directive) into
national legislation was 22 July 2013. However, some Member States (MS) may not have fully
transposed the Directive by that date. Late transposition can create difficult situations where some
competent authorities may not have the legislative framework in place to allow a proper
implementation of the rights and obligations provided for in the Directive.
4. Without prejudice to any initiatives taken by the European Commission in case of late transposition by
MS, ESMA intends to address the situation at an operational level in order to minimise, as far as
possible, the impact on industry and investors deriving from lack of transposition.
5. ESMA proposes practical arrangements for operations under Articles 31, 32 and 33 of the Directive
involving one MS that has not transposed the Directive.

 


AIMA/EY survey finds mixed progress towards AIFMD transposition
Uneven progress is being made in implementing the Alternative Investment Fund Managers Directive (AIFMD) across the European Union, according to a joint study by the Alternative Investment Management Association (AIMA), the global hedge fund industry association, and EY, the multinational professional services firm.
The AIMA/EY study found that although a majority of EU Member States have either already transposed the AIFMD into law within the transposition deadline of 22 July 2013, or have drafted the final legislation and are awaiting parliamentary approval, only 12 Member States have completed full legislative transposition.
At least five Member States are known to have made little or no progress towards drafting or finalising the required legislation…

 

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