On 18 August 2020, the European Securities and Markets Authority (ESMA) addressed a letter to the European Commission highlighting some areas of the Alternative Investment Fund Managers Directive (AIFMD) where improvements could be made (the Letter).

The Letter is a result of ESMA’s significant exchanges with National Competent Authorities (NCAs) on the practical aspects of the AIFMD since its publication in 2011 as well as of the KPMG report.

Annex I to the Letter lists 19 key topics identified in the AIFMD framework and ESMA’s proposed changes. Annex II to the Letter outlines the key reporting issues where improvements could be made.

This article only covers some of the issues that may affect Luxembourg alternative investment fund managers (AIFMs) and which should thus be carefully followed in the months to come.


Originally published in the AGEFI Luxembourg

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