After some delay, the Alternative Investment Fund Mangers Directive (AIFMD) has finally been published today in the Official Journal of the EU. The 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 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.


Accordingly, the timeline of key dates is as follows:

Please click here to view table


To assist you in navigating your way around the Directive, we have produced an index, which is divided into two sections:

Secondary legislation

The level 2 measures will be adopted at the EU level by the European Commission, assisted by the ESMA, which has been mandated by the Commission to provide to it advice in this respect.  ESMA is expected to publish in the next few weeks its draft proposed level 2 advice to the Commission which will be available for consultation.  ESMA has been given a deadline by the Commission of 16 November 2011 to respond to the mandate.

We will continue to keep you updated on all developments relating to the AIFMD and implementing secondary legislation.  If you have any queries as to how the Directive will impact your business, please speak to your usual Herbert Smith contact.