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European Regulations

Level 1

The Level 1 is the Directive 2011/61/EU.

In conformity with the Lamfalussy Process, the Parliament and the Council, acting on a proposal from the Commission, jointly adopted a directive.

The directives are legislative acts that set out aims that all EU Member States must achieve.

The Member States decide how they do implement such acts within their own national legislations.The legislative process to adopt the directive was the following:

  • After the formal approval of the European Council to the EP Final text, the Directive was finally published in the Official Journal of the European Union in July 2011.
    July 2011_AIFM Directive (pdf)

The AIFM Directive will apply from July 22, 2013.


Level 2

The level 2 is the European Commission Delegated Regulation of 19 December 2012.

The Level 2 comprises implementing measures drafted and adopted by the Commission, following advice from European Securities and Markets Authority (ESMA). These measures directly apply in all Member States without implementing measures.

The process to adopt this European Commission Delegated Regulation was the following:

  • On 16 November 2011 ESMA, based on feedbacks of concerned persons (associations and companies) drafted a technical advice on possible implementing measures.
  • In July 2012 the Commission published a draft regarding the Regulation on implementing AIFM measures. On 19 December, 2012 the Commission adopted a "COM Delegated Regulation" and published a corresponding "COM accompanying document" as well.
  • In May, two implementing regulations were published in the Official Journal of the European Union (no 447/2013 and no 448/2013). These implementing regulations establish the procedure for AIFM which choose to opt in under the AIFMD and the procedure for determining the Member State of reference of a Non-EU-AIFM. Both implementing regulations will apply form July 22, 2013.

COM Delegated Regulation and COM Regulation no 447/2013 and no 448/2013 will directly apply in all Member States from July 22, 2013.

COM Delegated Regulation (EU) 2015/514 of 18 December 2014 on the information to be provided by competent authorities to the European Securities and Markets Authority pursuant to Article 67(3) of Directive 2011/61/EU of the European Parliament and of the Council.
          Dec 2014_COM Regulation no. 514/2015 (pdf)


Level 3

The European Securities and Markets Authority (ESMA) drafts guidelines and recommendations to ensure an efficient supervision and a uniform application of European regulatory law.

At Level 3, ESMA develops guidelines and recommendations with a view to establishing consistent, efficient and effective supervisory practices within the European System of Financial Supervision, and to ensure the common, uniform and consistent application of Union Law.

These guidelines and recommendations are addressed to competent authorities or financial market participants. Whilst not legally binding, these often indicate in their texts that the competent authorities must make every effort to comply and must explain if they do not intend to comply.

Furthermore, on this level the so-called level-3-comittees and national authorities work together to ensure an efficient implementation of the European level-1 and level-2-measures in national law.

The Level 3 measures are the following one:

ESMA published a new draft regulatory technical Standards on type of AIFMs under Article 4 (4) of Directive 2011  61 / EU

  • ESMA published an ESMA Consultation paper on Guidelines on sound remuneration policies under the AIFM Directive. The final report on "Guidelines on sound remuneration policies under the AIFM Directive" was published in February 2013.
  • In May 2013 ESMA published the final report "Guidelines on key concepts of the AIFMD".
  • Moreover ESMA published also the consultation paper "Guidelines on reporting obligations under Article 3 and Article 24 of the AIFMD" in May 2013.