Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers (AIFM) Directive was finally agreed on 11 November 2010 after more than eighteen months of rigorous debate in the European Parliament and Council. The Directive will apply to managers of Alternative Investment Funds (AIFs). An AIF is defined, broadly, as any "collective investment undertaking" that does not require authorisation under the UCITS directives, potentially making the scope of the directive very wide indeed. Member states will need to transpose the Directive into national law by January 2013.
Whilst the Directive has been finalized we are still awaiting publication of the Level 2 requirements which set out a further level of detail. Once these have been published firms will be able to start making their own plans for implementation. At this stage it looks as though the directive will impact most hedge fund, private equity and real estate fund managers.