The Irish Funds Industry Association has called for clarity and consistency of understanding in the Level 2 implementing measures for the Alternative Investment Fund Managers Directive in order to ensure harmonised interpretation and application of the provisions across Europe.

The IFIA, in its response to the call for evidence, highlighted the importance that the implementing measures be clear and concise in order to avoid conflicting interpretations or applications of the rules in different jurisdictions, particularly in the sections relating to the valuation of AIF, the Depositary role and standard of liability. This, the IFIA said, would ensure the effectiveness of the Directive itself, as well as its implementation.

The IFIA also stressed the need for the provisions of the AIFMD to be consistent with other directives such as UCITS and the proposed Securities Law Directive.

In its response, the IFIA also discussed and elaborated on how a self-managed investment company could operate as an internally-managed AIF and be an authorised AIFM.

Gary Palmer, CEO of the IFIA which represents the Irish Investment Funds sector said: "We welcome not only the opportunity to take part in this consultation process but also the directive itself. As a jurisdiction built upon a robust regulatory framework we welcome the Commission's moves to ensuring consistent European standards across products and jurisdictions.

"However, we do feel that it is important that as new directives, regulations and guidelines come into the market that we take care to ensure they work alongside existing and anticipated directives, regulations and guidelines for other products and jurisdictions across Europe."