Report on the operation of the alternative investment fund managers directive (AIFMD)

Alternative Investment Fund Managers Directive (AIFMD)

The European Commission has published the report on the operation of the Alternative Investment Fund Managers Directive (AIFMD), which was conducted by KPMG. The research was conducted by a cross-service team composed of specialists from KPMG Law Rechtsanwaltsgesellschaft mbH (KPMG Law), led by Ulrich Keunecke, from KPMG AG Wirtschaftsprüfungsgesellschaft, including in particular the KPMG EU Services Team led by Olaf Buske and member firms of the global KPMG network.


Related content

Article 69 AIFMD mandates the European Commission to review the achievement of the objectives of the directive based on the practical experiences of its effects on the European AIF market. The report is a crucial part of this review.  It focused on 15 selected member states and analysed achievement of the AIFMD’s objectives against five principles – effectiveness, efficiency, coherence, relevance and EU added value. The report consists of two main sections. The general survey among AIFM, regulators and other stakeholders asked questions about specific aspects of AIFMD and market developments. The evidence-based study was based on desk research, the general survey results, interviews, quantitative data collection and analysis.

Cyprus was among the 15 selected member states and KPMG Cyprus actively participated to this survey through carrying local desk reviews, stakeholders and quantitative analysis as well as semi-structured interviews with Cyprus key stakeholders.

The report finds that AIFMD has played a major role in helping to create an internal market for AIFs and a harmonised and stringent regulatory and supervisory framework for AIF Managers (AIFMs).  Most areas of the provisions are assessed as having contributed to achievement of the AIFMD’s objectives and to have done so in accordance with the five principles. There are, however, aspects that have not contributed, or may be counter to, the achievement of these aims – particularly, but not exclusively, in relation to the principles of effectiveness and efficiency.

The official statement and report can be downloaded on the European Commission’s publication portal by clicking here

© 2022 Copyright owned by one or more of the KPMG International entities. KPMG International entities provide no services to clients. All rights reserved.

KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited (“KPMG International”), each of which is a separate legal entity. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. For more detail about our structure please visit

Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

The views and opinions expressed herein are the personal opinions of the interviewees and authors based on their personal experience working as Auditors in the industry and do not necessarily represent the views or opinions of KPMG International or any KPMG member firm.

Connect with us


Want to do business with KPMG?


loading image Request for proposal

Stay up to date with what matters to you

Gain access to personalized content based on your interests by signing up today

Sign up today