OJEU publishes the AIFM Directive
July 1 2011
The text of the Alternative Investment Fund Managers Directive ("AIFM") was published on 1 July 2011 and will enter into force on 21 July 2011. Implementation by member states is required by 22 July 2013.
The aim of the AIFM Directive is to introduce a harmonised regulatory framework across the EU for EU-established managers of alternative investment funds. An AIFM includes any legal or natural person whose regular business is to manage one or more alternative investment funds (AIFs).
An AIF is defined as a "collective investment undertaking", although this term is not defined in the AIFM Directive. The definition of AIF will catch all non-UCITS funds and may also include joint venture arrangements and certain managed accounts.