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ARTICLE · 12 JANUARY 2011

AIFMD Technical Summary - An Overview

A technical summary of the AIFMD, otherwise known as "Proposal for a Directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC

United KingdomStrategy

Introduction and Overview

A technical summary of the AIFMD, otherwise known as "Proposal for a Directive of the European Parliament and of the Council on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC.

The Directive sets out the rules for authorisation, ongoing operation and transparency of alternative investment fund managers (AIFMs), managing and/or marketing alternative investment funds (AIFs) in the European Union (EU), in order that new "competent authorities" to be created in each member state and empowered by law/regulation to supervise AIFMs can monitor and manage systemic risk. The European Commission (EC) will adopt measures specifying the precise details of how the obligations in this Directive are to be implemented (Level 2 Rules). The majority of these Level 2 Rules are anticipated to be finalised during Q3 2011.

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