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Alternative Investment Fund Managers Directive 2011
From Wikipedia, the free encyclopedia
Alternative Investment Fund Managers Directive 2011 (2011/61/EU) is a legal act of the European Union on the financial regulation of hedge funds, private equity, real estate funds, and other "Alternative Investment Fund Managers" (AIFMs) in the European Union.[1][2] The Directive requires all covered AIFMs to obtain authorisation, and make various disclosures as a condition of operation. It followed the global financial crisis. Before, the alternative investment industry had not been regulated at EU level.[3][4]
European Union directive | |
Text with EEA relevance | |
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Title | Alternative Investment Fund Managers Directive |
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Made by | European Parliament and Council of the European Union |
Made under | Art. 53 |
Journal reference | L 174, 1 July 2011, p. 1–73 |
History | |
Date made | 8 June 2011 |
Came into force | 21 July 2011[1] |
Current legislation |
It was reported in May 2014 that only one-third of EU member states had successfully implemented the directive into law.[5] As of 2014, the countries that had transposed Directive 2011/61/EU into law include Cyprus, the Czech Republic, the United Kingdom, Luxembourg,[6] (Germany),[7] France,[8] Malta and Ireland.[9] In December 2014, the European Commission issued a formal warning to countries including Spain, Latvia and Poland for not complying with implementation of Directive 2011/61/EU.[10]