Image2On 16 May 2022, the European Parliament issued its draft report (“Report”) on the European Commission’s (“EC”) proposals to amend the existing Alternative Investment Fund Managers Directive (“AIFMD”). The Report, which reflects stakeholder feedback, seeks to align regulation with commercial and legal reality…

next steps

The Report’s proposals will be debated, following which, a majority of Members of the European Parliament will determine which amendments are to be passed through to the Committee Report stage to be scrutinised by the Council of the EU. Overall, the proposals are to be welcomed and are an improvement on the amendments proposed by the EC. However, the number of amendments which are adopted in the course of the legislative process are yet to be seen.

For more information, and any guidance or advice on AIFMD, Cleveland & Co External in-house counsel™, your specialist outsourced legal team, are here to help.

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[1] Annex II of the MiFID II Directive states that a “Professional client is a client who possesses the experience, knowledge and expertise to make its own investment decisions and properly assess the risk that it incurs” and provides criteria to be complied with to be regarded as a professional.