After 18 months of extensive negotiations, the Alternative Investment Fund Managers (AIFM) Directive has been adopted by the European Parliament. The AIFM Directive applies to AIFMs established in the EU which manage one or more alternative investment funds (AIFs) irrespective of where the AIFs are located, whether or not they are listed or what legal form the AIF takes. The AIFM Directive also applies to AIFMs established outside the EU which manage one or more AIF established in the EU or which market one or more (EU or non-EU) AIF within the EU. The European Parliament haspublished a provisional edition of the AIFM Directive. Also please see our e-bulletin on the adoption of the AIFM directive.