In its plenary session on 11 November 2010, the European Parliament approved the Alternative Investment Fund Managers Directive (AIFM Directive) in its 27 October 2010 form. EU finance ministers are formally to approve the text on behalf of the Council later this month or early December. It will then go to the jurist translators to be tidied up and translated into the various official languages. It is due to be published in the Official Journal in the first quarter of 2011, although this timetable may prove unrealistic in view of the three months allowed for tidying and translating.
Prior to the vote, the Parliament published a background note on the AIFM Directive which includes details about the marketing passport for non-EU alternative investment fund managers (AIFMs) and non-EU alternative investment funds (non-EU AIFs), including what role the new European Securities and Markets Authority (ESMA) will have in relation to the passport. The note also contains a timeline which sets out provisional dates for when the AIFM Directive will enter into force and when the marketing passport for non-EU AIFMs and non-EU AIFs will be examined by ESMA.