On February 8, the European Commission published an online survey about the functioning of the Alternative Investment Fund Managers Directive (AIFMD). Article 69(1) of the AIFMD requires the EC to have commenced by July 22, 2017, its review of the AIFMD’s scope and application. However, the review process has started late due to the EC’s focus on competing priorities, such as Brexit.

The EC’s Directorate General for Financial Stability, Financial Services and Capital Markets (DG FISMA) explains that it has contracted the professional service company, KPMG, to conduct research on how the AIFMD has worked in practice and to what extent its objectives have been met. The aim of the survey is to gather views of stakeholders on the AIFMD’s requirements, stakeholders’ experiences of applying those requirements and the impact of the AIFMD on the market.

In particular, the survey seeks the views of stakeholders on:

  • AIFMD’s impact on the information provided to investors before they invest;
  • Whether retail investors are affected by AIFMD; and
  • Whether other legislation, for example tax legislation, has assisted or hindered the achievement of the AIFMD’s objectives.

DG FISMA does not specify when the survey will close to submissions, but the information from the survey will help to inform DG FISMA’s final report on the functioning of the AIFMD.

The survey is available here.