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European Commission begins public consultation on AIFMD

A review into the Alternative Investment Fund Managers Directive (2011/61/EU) ("AIFMD") was launched yesterday by the European Commission following their report issued in June 2020 which assessed the application and scope of the AIFMD (Report from the Commission to the European Parliament and the Council). 

Through the public consultation, initiated yesterday, the Commission will examine how to strengthen the rules and complete the internal market for alternative investment funds (AIFs), through potential changes to the current AIFMD framework. The aim is to achieve a more efficient, effective and competitive EU AIF market as a part of a stable financial system. It is also possible that the regulatory framework on UCITS may also be adjusted as a result of this consultation.

The legislative proposal to amend the AIFMD, in the form of a Directive, will be put forward during Q3 2021.




The Commission is required to review the application and the scope of the AIFMD with an emphasis on the experience acquired in applying the Directive. It is necessary to assess the Directive’s impact on investors, AIFs, AIFMs in the Union and in third countries in order to establish the degree to which the objectives pursued by the AIFMD have been achieved.

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aifmd, gibraltar, financial services, gibraltar funds, funds