On 18 November 2019 the Dutch Financial Markets Authority (Autoriteit Financiële Markten, AFM) has published its improved best practices (the Best Practices) in respect of the compliance with Directive 2011/61/EU (AIFMD) for licensed managers.
De Best Practices are the next step following the research report published in January 2018 on the compliance of the AIFMD by managers of alternative investment funds which obtained their AIFMD license by operation of law with the AIFMD.
The Best Practies set out – on the basis of the "comply or explain-principle" – the guidance of the AFM on among others (i) the application of the proportionality principle, (ii) the composition of the board, (iii) the internal supervision on the board, (iv) the structuring of the co-determination (medezeggenschap) within the manager, and (v) the consent (in advance) in respect of sub-delegation.
The new Best Practices may be accessed via the following link (in Dutch only).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.