AIFM Directive - Crossing the finish line | Whitepaper
Since the initial draft of the AIFMD was issued there has been a significant amount of regulatory uncertainty surrounding the alternative investment management industry in Europe. However, the vote on November 11, 2010, at the European Parliament can be seen as a major step towards closing this chapter of the AIFMD and will eliminate much of the uncertainty that has hindered the industry. The successful vote has finally permitted the global alternative investment management industry, their stakeholders, and investors to move forward and begin to prepare for the implementation of the AIFMD.
The successful plenary vote on the AIFMD is a major step towards the introduction of an EU regulatory framework for the alternative investment management industry. While at this stage some clarity has been achieved as to what the future landscape of that industry will look like and what challenges lie ahead for the AIFMs impacted, investment managers should not underestimate the significance of the level II measures still to be negotiated.
Key considerations to prepare for the implementation:
Looking forward, there are a number of key dates that will be of particular interest to both EU managers and non-EU managers.
The impact on hedge funds, private equity funds, and fund of funds
While many of the rules will only become clear as the AIFMD emerges from the level II negotiations, it is clear that the implementation of the Directive will impact AIFMs from an operational, an administrative, and compliance perspective.
The impact on different jurisdictions
The implementation of the AIFMD is likely to have different areas of focus depending on the nature and sophistication of the alternative investment management industry in each country.
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