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ARTICLE · 19 NOVEMBER 2010

The New EU Directive on AIFMs

Morrison Foerster
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On 11 November 2010, the European Parliament (the "EU Parliament") voted to approve the controversial new Directive on Alternative Investment Fund Managers (the "AIFM Directive") by an overwhelming majority (513 to 92 votes),1 concluding many months of highly politicised and contentious negotiations among the European Union ("EU") regulators, individual Member States, and the industry.

European UnionFinance and Banking
Peter Green
Peter Green
Jeremy Jennings-Mares
Jeremy Jennings-Mares
Helen Kim
Helen Kim
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On 11 November 2010, the European Parliament (the "EU Parliament") voted to approve the controversial new Directive on Alternative Investment Fund Managers (the "AIFM Directive") by an overwhelming majority (513 to 92 votes),1 concluding many months of highly politicised and contentious negotiations among the European Union ("EU") regulators, individual Member States, and the industry.2

The AIFM Directive forms part of a number of EU regulatory initiatives stemming from the global financial crisis and aimed at improving investor protection and oversight of systemic risk. At the same time, it is also designed to create a single EU market for alternative investment funds ("AIFs"), similar to one which exists for undertakings for collective investments in transferable securities ("UCITS"). As such, it introduces a harmonised regulatory regime for the management and marketing of AIFs to professional investors in the EU, to be implemented by all Member States from

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