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On 11 November 2010, the European Parliament voted the new Directive on Alternative Investment Fund Managers ("AIFM Directive"). The AIFM Directive forms part of a number of EU regulatory initiatives stemming from the global financial crisis and aimed at improving investor protection and the oversight of systemic risk. At the same time, it is also designed to create a single EU market for alternative investment funds ("AIFs"), similar to that existing for undertakings for collective investments in transferable securities. As such, it introduces a harmonized regulatory regime for the management and marketing of AIFs to professional investors in the EU, to be implemented by all Member States as from January 2013.
AIFM: Passport as soon as possible...
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