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Alternative Market Briefing

Adoption of AIFMD Level 2 Regulations: not everybody is happy about it

Friday, December 21, 2012

Benedicte Gravrand, Opalesque Geneva: - As Europe has just adopted Level 2 Regulations for the AIFMD and its Paris-based watchdog has just issued consultation papers to fine tune the Directive, EU member states can now start preparing for the implementation of the Directive due in July 2013 into their own national law. One UK industry body, however, expressed deep disappointment in this latest development.

On 19th December, the European Commission adopted the implementing of Level 2 Regulations for the Alternative Investment Fund Managers Directive (AIFMD), which will now be subject to a three-month study period by the European Parliament and the Council, and will enter into force after that period or by July 2013, unless either of these bodies objects.

The same day, the European Securities and Markets Authority (ESMA) issued consultation papers on two key AIFMD concepts. According to law firm Maples and Calder, both consultations aim to add clarity to the AIFMD text and foster a common, uniform and consistent application once the rules take effect. The first consultation elaborates on the definition of an 'AIF’; the second consultation provides draft regulatory technical standards on how AIFMD will affect certain typ......................

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