Implementation of Alternative Investment Fund Managers Directive (AIFMD)

6.11.2014

Question for written answer E-008838-14
to the Commission
Rule 130
Kay Swinburne (ECR)

The Commission President has made clear that a capital markets union is a high priority for the new Commission, with action required to ensure that capital can flow across EU borders. While some new measures may be needed to deliver this, there is also significant scope to promote such cross-border investment activity through the proper implementation of existing legislation on the internal market. The Alternative Investment Fund Managers Directive (AIFMD) (Directive 2011/61/EU) provides a passport for EU fund managers, enabling them to raise capital across the EU. However, in a number of Member States the operation of this passport is being impeded by national competent authorities, which are imposing obligations — beyond those set out in EC law — on fund managers looking to operate across borders.

1. Does the Commission consider that such obligations act as an impediment to the internal market and are contrary to the purpose of the directive?

2. What steps is the Commission taking, or encouraging the European Securities and Markets Authority (ESMA) to take, to ensure that such obligations are removed rapidly so that the AIFMD passport can function as intended?