EU 대체투자펀드운용자 지침 (Alternative Investment Fund Managers Directive )

Alternative Investment Fund Managers Directive

 

The Alternative Investment Fund Managers Directive COM (2009) 20 is a proposed European Union law which will put hedge funds and private equity funds under the supervision of an EU regulatory body. These kinds of business vehicle have not been subject to the same rules to protect the investing public as mutual and pension funds. Lack of financial regulation is widely seen to have contributed to the severity of the global financial crisis. The European Parliament voted through a final text of the Directive on 11 N

The AIFMD proposal includes the following reforms.

• A private equity fund must appoint an independent valuer and an independent custodian.
• A private equity fund with EU investors must disclose its business plan for a portfolio company to that company, its other shareholders and employees, and make that information public.
• Investors would not be able to invest outside the EU unless it was under an "equivalent" regime.
• Imposes limit to leverage for one time the amount of capital across a fund.^{[clarification needed]}

The right-wing think tank Open Europe has estimated that the hedge fund and private equity industry contribute €9.2 billion in tax revenues to the EU economy every year, which would come under threat if the EU's AIFM directive would have been passed in its original flawed form.^[3]

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AIFMD

In April 2009, the European Commission (Commission) proposed a Directive on Alternative Investment Fund Managers (AIFMs) with the objective of creating a comprehensive and effective regulatory and supervisory framework for AIFMs at the European level. The proposed Alternative Investment Fund Managers Directive (AIFMD)was aimed at providing harmonised regulatory standards for all AIFMs within scope. The final agreement on the framework directive (Level I) was achieved in November 2010 and the text entered into force on 21 July 2011.

The European Securities and Markets Authority (ESMA) was requested by the Commission to provide technical advice on the implementing measures of the AIFMD (Level 2). ESMA’s final technical advice was submitted to the Commission on 16 November 2011. The Commission is expected to adopt implementing measures based on ESMA's advice in the course of 2012. Member States will then have until July 2013 to transpose the Directive and its implementing measures.

ESMA is also expected to develop guidelines in a number of areas, such as remuneration.

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Key legislative documents

Final text of the AIFM Directive (published by European Council on 13 May 2011)

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자본시장연구원. 자본시장WEEKLY

2012-45호 2012. 11. 13 ~ 11. 19
	대체투자펀드운용자지침(AIFMD)의 PEF규제와 시사점
	2004년 12월 「간접투자자산운용업법」의 개정으로 도입된 사모투자전문회사(PEF) 제도가 곧 제도 도입으로부터 8년이 된다. 양적인 면에서는 상당한 성과를 이룬 것으로 평가할 수 있는 한국형 PEF제도가 앞으로 한 단계 더 도약하기 위해 풀어야 할 숙제도 많다. 작년 유럽연합에서 제정한 대체투자펀드운용자지침(AIFMD)은 PEF에 관한 직접적이고도 상세한 여러 규정을 두고 있다. AIFMD상의 주요 PEF규제는 PEF운용자에 대한 규제, 레버리지 공시, 회사법적 측면의 고려 등이 대표적이며, 향후 우리나라 PEF규제의 개선방향과 관련하여 몇 가지 중요한 시사점을 주고 있다.   AIFMD 시행 이전 관련업계의 움직임

 

 

According to a study conducted by Deloitte^[4], most of the UK-based asset managers think that the AIFM Directive could reduce the competiviteness of the EU's alternative investment funds industry because of the compliance the regulations impose on the industry. In addition, these managers from the hedge fund, private equity and real estate sectors believe that the directive will reduce the number of non-EU managers operating within the EU.^[5]

mber 2010.^[1] The proposals have to be written into national statute books by 2013, and will be effective from this date