AIFMD: big bang or damp squib?

By Andrew Weaver

So it’s here. After all the controversy, the Alternative Investment Fund Managers Directive (AIFMD) was implemented on 22 July 2013. At least it was partially implemented. As a European Directive, member states of the EU (and the additional EEA states of Norway, Liechtenstein and Iceland) were required to transpose the Directive into national law by that date. In fact, only a minority of member states have passed the laws necessary to implement the Directive, others have only draft legislation still to be put before their legislative bodies, and yet others appear to have done nothing at all.

It is our understanding that where the Directive has not yet been implemented by national law, it has no application, and the pre-22 July 2013 status quo will continue until the national law is amended (even if this puts the member state in breach of European law).

Where the AIFMD has been transposed into national law by EU/EEA states, under certain conditions non-EEA funds may be marketed into those states under their National Private Placement Regimes (NPPR), until at least 2018. Those conditions include the requirement that there be a co-operation agreement between the regulatory authority of the relevant member state and the authority in the jurisdiction of domicile of the fund…

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