Taking stock

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After a year and a half of lobbying and frequently acrimonious debates, European finance ministers have agreed on a text for the Alternative Investment Fund Managers Directive (AIFMD) with representatives of the EU Parliament.

Although few will be entirely happy with the final position on AIFMD, workable compromises have been reached on a number of the key issues. We are now moving into the Level 2 process of developing implementing measures, where details in many important areas will be fleshed out.

It is now extremely important for managers to start, if they have not already, to examine the operational consequences on their business models. This examination will also enable identification of some of the unintended or misunderstood consequences which should be fed into the lobbying process.

The purpose of this briefing is to take stock, review the final terms of the directive, consider the next steps both in the legislative process and what the industry’s response should be.