PwC alternatives alert, November 18, 2010

Now available from PwC: New thought leadership on AIFMD

After a year and a half of lobbying and debating, European finance ministers have agreed on a text for the Alternative Investment Fund Managers Directive (AIFMD) with representatives of the EU Parliament. Getting to this stage has been a long process, with a breakthrough only achieved by virtue of the Belgian presidency carefully steering a compromise on third country access to the EU which was finally acceptable to both the UK and France. The EU Parliament is expected to vote on the final directive on November 11, 2010. We are likely to have the AIFMD come into force across the EU in early 2013.

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 determined.

The industry will likely reinvigorate its lobbying efforts over the next few months to influence the final outcome on the AIFMD regime. It is also 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.

To learn more about AIFMD, please read the issue of AIFMD News. It reviews the final terms of the directive, considers the next steps in the legislative process and potential industry response.

If you have any questions on the AIFMD, please reach out to your local PwC contact.

To learn more and access the paper, click here.