This joint ECB-DNB Occasional Paper aims to inform the ongoing discussions about an EU-level framework for operationalising macroprudential leverage limits for alternative investment funds (AIFs). It builds on, and extends, the analysis of an ECB-DNB special feature article published in the...

In this paper we propose an integrated approach to assessing risk for alternative investment funds, both at micro and macro (market) level. Building upon the experience and practice in European Supervisory Agencies and different National Competent Authorities on assessing risk for other type of...

On the 10th of November 2021, the European crowdfunding regulation (“ESCPR”), as well as a related directive to amend Directive 2014/65/EU (“MiFID II”), entered into force. The ESCPR facilitates the scaling up of crowdfunding services across the internal market to increase access to...