Research Handbook on Hedge Funds, Private Equity and Alternative Investments
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Research Handbook on Hedge Funds, Private Equity and Alternative Investments

Edited by Phoebus Athanassiou

This unique and detailed Handbook provides a comprehensive source of analysis and research on alternative investment funds in the EU, the US and other leading jurisdictions.
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Chapter 17: The EU’s AIFM Directive and its Impact – An Overview

Phoebus Athanassiou and Thomas Bullman


Phoebus Athanassiou* and Thomas Bullman† INTRODUCTION On 29 April 2009 the European Commission published for consultation a proposal for a Directive on Alternative Investment Fund Managers (AIFM).1 The stated objective of the proposal2 was to establish ‘common requirements governing the authorisation and supervision of AIFM in order to provide a coherent approach to the related risks and their impact on investors and markets in the Community’.3 In substantive terms, the proposal sought to address the grave concerns expressed at the highest level in the wake of the global financial crisis,4 but also prior thereto,5 about the potency of the regulatory and supervisory frame- * Senior Legal Counsel, European Central Bank (ECB), Frankfurt am Main. The views expressed in this chapter are purely personal and need not reflect those of the ECB or the Eurosystem. Part of this chapter draws on some of the analysis in Phoebus Athanassiou, ‘The AIFM Directive and the Future of European Alternative Investment Fund Regulation’, OCHEL-Dice Report, 1/2010, 8–14. † Thomas Bullman holds a Bachelor of Business & Legal Studies and Master’s Degree in Commercial Law from University College Dublin, and is a member of the Institute of Certified Public Accountants in Ireland. He is also a Senior Compliance Manager at Legal & General Investment Management Limited (LGIM). The views expressed in this chapter are personal and not those of LGIM. 1 European Commission, Proposal for a Directive on Alternative Investment Fund Managers (AIFM), Brussels, COM (2009) 207 final. 2 It is noted that the public...

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