A job half done – how the UK must prepare itself for the EU's Alternative Investment Fund Managers Directive
The EU's Alternative Investment Fund Managers Directive (AIFMD) will hugely affect the management and marketing of alternative investment funds (AIFs) within the European Economic Area (EEA). (For the purpose of this article, AIFs are, broadly speaking, any investment fund that is not a Undertakings for Collective Investment in Transferable Securities (UCITS) fund.) EEA states are required to have implemented the AIFMD into their national law by 22 July. Notwithstanding the fact that the original draft of the directive was released in April 2009, there are still several material issues that remain unresolved. And UK managers of AIFs could be in for a white-knuckle ride over the next four months or so.
Having done the easy bit and set up their funds, the UK’s alternative investment fund managers must now tackle the hard part – the EU’s Alternative Investment Fund Managers Directive. With the new law coming into effect this summer, Stephenson Harwood’s James Tinworth explains how they can do this
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