AIFM Directive - Overview
28 January 2013
The Directive on Alternative Investment Fund Managers was published in the Official Journal of the European Union on 01 July 2011. Its aim is to create a comprehensive and effective regulatory and supervisory framework for alternative investment fund managers within the EU. Since the date of publication of the first draft in April 2009, the scope and content of the Directive has been the subject of much controversy and debate.
The Directive itself will be supplemented by Level 2 Regulations (a draft of which was published in December 2012) and ESMA technical guidelines on interpretation, and will need to be implemented by national legislation in each EU Member State.
Process and Timing
The Directive entered into force on 21 July 2011 (being 20 days after publication in the Official Journal of the European Union). This results in EU Member States having to implement the Directive in local Member State law by 22 July 2013.
The scope of the Directive is broad; it captures the management and the marketing of alternative investment funds or “AIF” (i.e. most vehicles that would be regarded as “funds”, as well as vehicles that one might not think of as a 'fund' at all). Managers of AIF, otherwise known as “AIFM”, who are established in the EU will require authorisation.
Content of the Directive
Please click here to view a summary matrix table on the Directive, breaking down which parts of the Directive are applicable depending on whether the AIF and AIFM in question are based within the EU (or EEA) or outside of the EU (or EEA). For more details on the content of the Directive, please click on the links on the right, or alternatively click here to view a summary fact sheet on the Linklaters’ Knowledge Portal. If you are not yet registered for access to the Linklaters’ Knowledge Portal, please email us to request access
If you would like any further information on the Directive, please contact any of the Linklaters’ contacts listed here, or your usual Linklaters contact.