The European Parliament has adopted the Alternative Investment Fund Managers Directive. This Directive introduces rules for the authorisation, ongoing operation and transparency of the managers of alternative investment funds (“AIFM”). The Directive aims to provide an European internal market for AIFM, and a harmonised and stringent regulatory and supervisory framework for the activities within the EU of AIFM. Pursuant to the Directive, the European Commission and the European Securities and Markets Authority (ESMA) must take a number of implementing measures.

The EU Council is yet to vote on the Directive, but the expectation is that the Directive will take effect later this year and will have to be implemented in the member states by the end of 2013.

De Brauw’s Investment Management Group sent out a newsletter on the AIFM Directive in December 2010. If you have not received this newsletter, please get in touch with your regular contact at De Brauw. You can also download the newsletter at