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Alternative Investment Fund Managers

The AIFM Directive objective is to create a comprehensive and effective regulatory and supervisory framework for AIFMs at the European level. The proposed Directive will provide robust and harmonised regulatory standards for all AIFM within scope and will enhance the transparency of the activities of AIFM and the funds they manage towards investors and public authorities. The funds in question are defined as all funds that are not regulated under the UCITS Directive.

Around €2 trillion in assets are currently managed by AIFM, employing a variety of investment techniques, investing in different asset markets and catering to different investor populations. The sector includes hedge funds and private equity, as well as real estate funds, commodity funds, infrastructure funds and other types of institutional fund.

The present proposal is therefore designed to address matters that call for provisions specific to AIFM and their business. The proposed Directive aims to:

• Establish a secure and harmonized EU framework for monitoring and supervising the risks that AIFM pose to their investors, counterparties, other financial market participants and to financial stability; and

• Permit, subject to compliance with strict requirements, AIFM to provide services and market their funds across the internal market of the European Union.

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