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AIFM directive –a new environment for alternative funds in Europe

March 2011 - Finance. Legal Developments by Chevalier & Sciales .

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The European Union's Directive on Alternative Investment Fund Managers, which was given a first reading by the European Parliament in November, is now completing the final stages of the legislative process and is set to become law during the first quarter of this year.

It will take effect following the two-year period given to EU member states to transpose the directive into national law. Over that period various pieces of subsidiary legislation will be drawn up to add detail to the framework agreed by the EU.

We are pleased to provide you hereunder with our guide to the directive, A new environment for alternative funds in Europe, which seeks to highlight the motivations behind the legislation and the key provisions it contains.

We believe that the introduction of the directive, which will cover all management and marketing of alternative funds of all kinds within the European Union, will open up new opportunities for managers, particularly through the establishment of a Ucits-style passport that will enable them to target sophisticated investors throughout the 27-member EU.

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