Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Ocena ryzyka stwarzanego przez lewarowane AFI w UE

30 January 2024

ESMA60-1389274163-2572

ESMA TRV Risk Analysis

Financial Stability

Assessing risks posed by leveraged AIFs in the EU

Summary

Article 25 of the EU’s alternative investment fund managers directive (AIFMD) states that national competent authorities (NCAs) will assess the risks that the use of leverage by an alternative investment funds manager (AIFM) could entail. Where necessary, NCAs can address the risks identified by imposing limits to the level of leverage that an AIFM is entitled to employ or other restrictions on the management of the AIF. ESMA’s Guidelines on Article 25 of the AIFMD issued in 2020 operationalise this framework by setting out a common approach to identify and assess funds posing leverage-related risks. As a macroprudential framework, the Guidelines put the emphasis on the risks posed by groups of AIFs of the same type and similar risk profiles that may collectively present a risk to financial stability.

This article contributes to ESMA’s financial...