ICMA AMIC responds to EC consultation on the review of the alternative investment fund managers directive (AIFMD)
29 January 2021 ICMA's Asset Management and Investors Council has responded to the EC's consultation on the review of the Alternative Investment Fund Managers Directive (AIFMD). AMIC argues in favour of legislative stability given (1) the findings of the recent COVID-19 crisis (no suspension for the 174 AIFs scrutinised by ESMA in its report to ESRB) and (2) the recent complementary measures already adopted at EU level (eg. Liquidity Stress Testing guidelines; crossborder distribution of funds package) which are yet to be fully implemented and assessed. AMIC calls on the EC to focus on vehicles which, with changes, could foster growth in European capital markets (eg the ELTIF ongoing review consultation) rather than those which have been successful in ensuring EU’s competitiveness and attractiveness.