On December 19, 2012 the European Commission
("Commission") adopted its draft
Delegated Regulation ("Level II
Regulation") supplementing Directive 2011/61/EU
("AIFMD").
The Level II Regulation supplements the AIFMD (so called
Level I) with regard to exemptions, general operating conditions,
depositaries, leverage, transparency and supervision. It is based
on ESMA's technical advice to the Commission dated November 16,
2011 ("Final Report", please see our
Client Memorandum of the same day).
The Level II Regulation will be directly applicable, a
transposition in national laws is not required.
The Level II Regulation is subject to a three-month
scrutiny period by the European Parliament and the Council. If no
objections have been raised by any of them it will be published in
the EU Official Journal and enter into force the day following the
publication. As both European Parliament and Council have been
consulted extensively in the drafting process it is very
