Athanassiou, Phoebus; Bullman, Thomas --- "The EU’s AIFM Directive and its Impact – An Overview" [2012] ELECD 252; in Athanassiou, Phoebus (ed), "Research Handbook on Hedge Funds, Private Equity and Alternative Investments" (Edward Elgar Publishing, 2012)

Book Title: Research Handbook on Hedge Funds, Private Equity and Alternative Investments

Editor(s): Athanassiou, Phoebus

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781849802789

Section: Chapter 17

Section Title: The EU’s AIFM Directive and its Impact – An Overview

Author(s): Athanassiou, Phoebus; Bullman, Thomas

Number of pages: 32

Extract:

17. The EU's AIFM Directive and its impact
­ an overview
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 analy-
sis in Phoebus Athanassiou, `The AIFM Directive and the Future of European
Alternative Investment Fund Regulation', OCHEL-Dice Report, 1/2010, 8­14.

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 ...