The list of ancillary services member states may authorise AIFMs to provide is extended to benchmark administration and credit servicing.

Originating loans and servicing securitisation special purpose entities are activities added in Appendix I.

An AIFM applying for authorisation shall provide the following additional information to the regulatory authorities of its home member state:

• Information about the persons effectively conducting the business of the AIFM, in particular concerning the functions referred to in appendix I, including:
  – a detailed description of their role, title and level of seniority.
  – a description of their reporting lines and responsibilities within and outside the AIFM.
  – an overview of their time allocated to each responsibility.
  – a description of the technical and human resources that support their activities.

• A detailed description of the appropriate human and technical resources to be used by the AIFM to comply with its obligations relating to the authorisation, operating conditions, transparency requirements and, where applicable, the specific types of AIFs, the rights of an EU AIFM to market and manage EU AIFs, the specific rules relating to third countries and marketing to retail investors.

• A detailed description of the human and technical resources to be used by the AIFM for monitoring and supervising its delegate(s).

The business of the AIFM shall be conducted by at least two individuals who are either employed full-time by the AIFM or committed full-time to running its business, and who are EU residents. Please note that a similar requirement in CSSF Circular 18/698 applies, inter alia, to authorised AIFMs.

You can access a copy of the directive proposed by the European Commission here.