Supervision of the Financial Supervision Authority over the activity of managers of alternative investment funds

Abstract

The aim of the article is to present the issue of the Polish Financial Supervision Authority’s oversight over the activity of the managers of alternative investment funds (AIFMs). The supervision is exercised on the basis of legality criterion and its main goal is to ensure the proper functioning of the capital market. The author classified the supervision instruments by dividing them into preventive supervision instruments and routine supervision instruments. Among routine supervision instruments he distinguished informative and repressive instruments. He then divided repressive instruments into ad rem and in personam instruments. According to the author, as a rule, the least burdensome measures of supervision should be used first, and only when they prove ineffective then should more burdensome measures be used.