The European Commission has adopted the level II Delegated Regulation that stipulates rules in relation to the below:
- Conditions and procedure for the determination and authorisation of AIFMs, including the capital requirements applicable to AIFMs;
- Operating conditions for AIFMs, including rules on remuneration, conflicts of interest, risk management, liquidity management, investment in securitisation positions, organisational requirements and rules on valuation;
- Conditions for delegation;
- Rules on depositaries, including the depositary's tasks and liability;
- Reporting requirements and leverage calculation;
- Rules for cooperation arrangements.
Please note, the Delegated Regulation adopted on the 19th of December 2012 is subject to a three-month scrutiny period by the European Parliament and the Council. At the end of this period, it will enter into force - provided that neither co-legislator objects – on the exact day following its publication in the Official Journal.
The European Commission has issued two documents relating to this should you wish to have more information: If you wish to have more information on the Delegated Regulation, please click here or if you wish to review the full impact assessment, please click here. Alternatively you can contact us to see how this would specifically affect your business.