The Alternative Investment Fund Managers Directive (Directive 2011/61/EU), (the “AIFMD”) was adopted by the European Parliament on 11 November 2010. When it becomes effective from 2013 it will regulate alternative investment fund managers, which are widely defined, throughout the European Union (the “EU”). It will also impact on the marketing of both EU and non-EU alternative investment funds in the EU.
This legislation is expected to have a large impact on the alternative and hedge fund industries. It provides for a new pan-EU passport for alternative funds, similar to that currently enjoyed by UCITS with great success. The requirements currently applicable to the Irish Qualifying Investor Fund (”QIF”) mean that this fund product is already largely compatible with the proposed requirements and accordingly it is ideally suited to be used to take advantage of the new opportunities to become available under the AIFMD.
Further details regarding the AIFMD are contained in the documents below as well as on-going updates in relation to the finalization and implementation of this legislation.