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The end of last April, the European Commission published a proposal for a Directive on Alternative Investment Fund Managers (AIFM), regulating all the managers and administrators of alternative investment funds (AIF). AIF’s are defined as all funds that are not standard UCITS funds under the UCITS Directive. The proposal follows calls for a stronger regulatory supervision, notably by the High-Level Group on Financial Supervision (HLGFS (2009)). It is recognized that the vulnerability of AIF’s to systemic risks as well as their potential to increase systemic risk following economic shocks are of major concern.
Systemic risks have a cross-border dimension and call for a regulatory framework at the European level. This cross-border dimension and the fact that the different...
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