Having been adopted by the European Parliament on 11 November 2010 and the EU Council of Ministers on 27 May 2011, the Alternative Investment Fund Managers Directive (the "Directive") was published in the Official Journal of the EU on 1 July 2011.
The Directive will significantly change the legal framework in which fund managers operate and how investment funds are marketed in Europe and having been in the making for some time, will enter into force on 21 July 2011 (20 days after publication in the Official Journal).
The scope of the Directive is broad and it will catch a wide range of fund managers, including those which manage private equity, hedge, real estate, infrastructure, venture capital and listed funds. Neither the form of the fund nor whether it is open or closed ended will have a bearing on whether the Directive applies.
EU Member States will have until 22 July 2013 to implement the Directive. However, in the meantime, Level 2 measures must be drafted to expand the provisions of the Directive and it will not be until these are finalised that the impact of the Directive can be fully assessed.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.