The Directorate General for Financial Stability, Financial Services and Capital Markets Union of the European Commission (DG FISMA) commissioned KPMG to conduct a comprehensive review of how the Alternative Investment Fund Managers Directive (“AIFMD”) has worked in practice since its introduction in 2013 and to what extent its objectives have been met. Throughout 2018, KPMG, led by KPMG Germany and supported by 15 member firms including KPMG Ireland, has been working on this review of AIFMD required under Article 69.
The methodology used in the review was as follows;
(i) General Survey – 478 responses were collated from participants in a structured online survey, preceded by scoping interviews with targeted participants. The findings from the online survey were supplemented by an;
(ii) Evidence Based Study – which consisted of;
The final report has just been issued. The report provides an evidence based analysis of whether the AIFMD objectives have been met effectively, efficiently, relevantly, coherently and have provided the EU with added value.
Generally it concludes that AIFMD has played a major role in creating an internal market for AIFs and a harmonized and stringent regulatory framework for AIFMs. Most of the AIFMD provisions are assessed as having achieved the objectives, set out above but the report also identifies areas that require further analysis, such as diverging interpretations of the rules by national competent authorities and overlaps in reporting requirements and with other EU disclosure rules. The European Commission will continue its review of the AIFMD and next year will report to the European Parliament and the Council, as required by the directive.