The Alternative Investment Fund Managers Directive (the
"AIFMD" or the "Directive") was finally
approved by the European Commission and the European Parliament on
11 November. Member states are to bring it into force within two
years after its publication in the Official Journal, so it is
likely to come into force in the early part of 2013.
This note gives a broad summary of the main provisions of the
Directive which we think will be of interest to our clients. It is
not intended to be a detailed description of every provision of the
Directive.
The Directive has proved one of the most political, and
controversial, directives of recent times. It was proposed in haste
in the wake of the credit crunch. No consultations were held before
the first draft was published, and initial reactions from officials
were that no changes would be accepted to the draft, because
ministers had already agreed that it was imperative that the
Directive be enacted immediately.
