AIFMD II – The Council position – Activities and services performed by AIFMs

The addition of benchmark administration and credit servicing  to the list of ancillary services is also found in the Council position, but the following clarification is added: “Member states may prohibit AIFs from servicing credits granted to consumers in their territory.”

AIFMs should not be authorised to provide only the activities of points 2, 3 and 4 of appendix I. The change consists of a reference to the two new services, loan origination and servicing securitisation special purpose entities.

AIFMs should not be authorised to administer benchmarks used in the AIFs they manage. Neither the Commission proposal nor the European Parliament draft report prohibits AIFMs from administering benchmarks used by the AIFs they manage.

An AIFM applying for authorisation should provide the information described above in the Commission proposal to the regulatory authorities of its home member state and keep this information updated.

As in the Commission proposal, the business of the AIFM should be conducted by at least two individuals who are either employed full-time by the AIFM or who are committed full-time to conducting its business and who are resident in the EU. There is a similar requirement in CSSF Circular 18/698 applying, inter alia, to authorised AIFMs.

Access the European Council position of June 2022 here.

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