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15/02/2011
The European Union’s Directive on Alternative Investment Fund Managers, which was given a first reading by the European Parliament in November, is now completing the final stages of the legislative process and is set to become law during the first quarter of this year.
It will take effect following the two-year period given to EU member states to transpose the Directive into national law. Over that period various pieces of subsidiary legislation will be drawn up to add detail to the framework agreed by the EU.
We believe that the introduction of the Directive, which will cover all management and marketing of alternative funds of all kinds within the European Union, will open up new opportunities for managers, particularly through the establishment of a Ucits-style passport that will enable them to target sophisticated investors throughout the 27-member EU.
Over the coming months we will cover new developments in implementation of the Directive and subsidiary legislation and analyse in greater depth various aspects of the new rules in the AIFM Directive blog.
Please find hereunder a link to the guide to the Directive, A new environment for alternative funds in Europe, which seeks to highlight the motivations behind the legislation and the key provisions it contains.
The PDF guide can be found in HFMweek’s special reports feature section: http://www.hfmweek.com/special-reports/features/2011/
Olivier Sciales is a partner in the Luxembourg law firm Chevalier & Sciales. You may find more information on the AIFM blog at: www.cs-avocats.lu/aifm-directive
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