The Transparency Provisions Of AIFMD

Introduction

Directive 2011/ 61/EU on Alternative Investment Fund Managers (the "Directive"), which was agreed by the European Parliament on 11 November, 2010 was finally adopted on 21 July, 2011. Member States have until 22 July 2013 to implement its provisions. Readers should note that at the date of publication, Level 2 Commission Regulation on implementing the Directive has not yet been published in final form, and all information in this document is subject to change, following such publication.

One of the main objectives of the Directive is to increase transparency around the activities of Alternative Investment Fund Managers ("AIFMs") and their Alternative Investment Funds ("AIFs") in their dealings with investors and competent authorities. The Directive deals with provisions on transparency in three sections, Article 22, which deals with the Annual Report of an AIF, Article 23, which deals with Disclosure to Investors, and Article 24, which deals with