IMPLEMENTATION OF AIFMD IN FRANCE
Directive 2011/61/EU of 8 June 2011 on Alternative Investment
Fund Managers ("AIFMD") had to be
implemented by 22 July 2013 by EU member states. A few days after
the deadline, on 25 July 2013, France published their newly adopted
acts to implement AIMFD (Ordinance n° 2013-676 of 25 July 2013
and Decree n° 2013-687 of 25 July 2013 amending the legal
framework applicable to asset management). In order to avoid any
discrepancies with EU law, the AIFMD has been transposed literally
into French law.
The French government took the opportunity of this transposition
to overhaul the investment funds industry's legal and
regulatory framework. Aiming to give fresh impetus and improve the
competitiveness of the investment fund industry, the new
legislation revamped and clarified the range of existing
alternative investment funds vehicles
("AIFs").
