Financial services

Alternative Investment Fund Manager’s Directive (AIFMD)

The Alternative Investment Fund Managers Directive (AIFMD) seeks to establish a harmonised regime across the EU for regulating various forms of investment management, including hedge funds and private equity. The UK negotiated an important agreement where managers of hedge funds and private equity providers will be regulated in an internationally consistent and non-discriminatory way, introducing greater competition, opening up new markets and creating new investment opportunities.

The Directive will increase the amount of disclosure made by funds, both to investors and supervisors. The Directive also imposes requirements on managers in terms of organisation, capital, depositaries and marketing of funds, etc. The Directive also includes a marketing passport for third country managers and funds, which was a particular priority for the UK.

Political agreement on the Directive has been reached and the Commission now has the difficult task of writing extensive EU implementing measures that will provide further details. This work is expected to take at least a year to complete. Member States will have to transpose the Directive in national legislation by the beginning of 2013.

For more information, please see:

European Commission’s website on the Alternative Investment Fund Managers Directive (opens in new browser window)

Alternative Investment Fund Manager’s Directive (AIFMD)

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