The threshold for the regulatory authorities of one member state to notify ESMA and the authorities of the home and host member states of an AIFM suspected of carrying out acts contrary to the AIFMD is lowered to reasonable grounds, but still restricted to acts committed by an AIFM, as discussed above in the Depositaries section.

All information exchanged under the AIFMD between ESMA, national regulatory authorities, the EBA, EIOPA and the European Systemic Risk Board is no longer considered confidential if the information disclosed is used in a summary or in an aggregate form in which individual financial market participants cannot be identified.

Use of the term liquidity management instruments in appendix V, rather than liquidity management tools.

The regulatory authorities of an AIFM’s home member state shall notify the authorities of the host member state of the AIFM, ESMA and the ESRB before exercising powers relating to the activation or deactivation of an LMT by AIFMs, in particular, non-EU AIFMs that are marketing AIFs that they manage in the EU, or EU AIFMs managing non-EU AIFs. The regulatory authorities of of the AIFM may request the competent authority of the home member state of the AIFM to exercise such powers specifying the reasons for the request and notifying ESMA and the ESRB thereof. The Commission proposal includes a procedure regarding the process to be followed with such notifications, under which ESMA would draw up draft RTS indicating the situations and processes relating to such notification.

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