Non-bank financial institutions: assessment of their impact on the stability of the financial system



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Regulatory overview 
 
 
 
 
 
 
 
 
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Relevant extracts from DG Internal Market and Services FAQs: 
What is an Alternative Investment Fund Manager (‘AIFM’)? 
An AIFM is a manager of an alternative investment fund. The term alternative investment fund encompasses a 
wide range of investment funds that are not already regulated at European level by the UCITS Directive. They 
include hedge funds, private equity funds, real estate funds and a wide range of other types of institutional 
fund.
Why do we need the AIFMD? What is the link with the financial crisis? 
A secure and stable financial system requires that all significant financial market actors are subject to 
appropriate regulation and supervision. This was a clear conclusion of the G20 leaders. 
AIFM have grown to become very significant, accounting for a significant proportion of trading activity in 
financial markets, and constituting an important source of counterparty risk. AIFM have also contributed to 
the build-up of leverage in the financial system, the consequences of which for the stability of financial 
markets became apparent when leverage in the hedge fund sector was rapidly unwound during the crisis. In 
this context, it is essential that the risks that AIFM pose to their investors, the financial markets and the 
companies in which they invest are rigorously monitored and controlled.
What are the objectives of the AIFMD?
 
The overarching objective of the AIFMD is to create, for the first time, a comprehensive and secure framework 
for the supervision and prudential oversight of AIFM in the EU. Once the AIFMD enters into force, all AIFM will 
be required to obtain authorisation and will be subject to on-going regulation and supervision. In this way, the 
AIFMD will equip national supervisors, the European Securities Markets Agency (‘ESMA’) and the European 
Systemic Risk Board (‘ESRB’) with the information and tools necessary to monitor and respond to risks to the 
stability of the financial system that could be caused or amplified by AIFM activity; 

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