AIFM Directive - Overview
08 March 2012
The final text of the Directive on Alternative Investment Fund Managers was published in the Official Journal of the European Union on 01 July 2011. Its aim is to create a comprehensive and effective regulatory and supervisory framework for alternative investment fund managers within the EU. Since the date of publication of the first draft in April 2009, the scope and content of the Directive has been the subject of much controversy and debate.
The final text of the Directive causes fewer ‘headline’ concerns than the original draft. However, there is and will remain for some time uncertainty as to the full effect of some elements of the Directive. We expect the consequences of the Directive to become clearer once the European Commission provides implementing measures, in the form of Level 2 regulations, in relation to the Directive and EU Member States transpose the Directive into EU Member States’ law.
Process and Timing
The Directive will enter into force on 21 July 2011 (being 20 days after publication in the Official Journal of the European Union). This results in EU Member States having to implement the Directive in local Member State law by 22 July 2013.
Scope
The scope of the Directive is broad; it captures the management of alternative investment funds or “AIF” (i.e. most vehicles that would be regarded as “funds”, as well as vehicles that one might not think of as a 'fund' at all). Managers of AIF, otherwise known as “AIFM”, who are established in the EU will require authorisation.
Content of the Directive
Please click here to view a summary matrix table on the Directive, breaking down which parts of the Directive are applicable depending on whether the AIF and AIFM in question are based within the EU or outside of the EU. For more details on the content of the Directive, please click here to view a summary fact sheet and click on the links on the right for further information.
Contact Us
If you would like any further information on the Directive, please contact any of the Linklaters’ contacts listed here, or your usual Linklaters contact.
