The European Commission adopted a delegated regulation supplementing the Alternative Investment Fund Managers Directive (AIFMD) on 19 December 2012. The adoption of the level 2 regulation was subject to considerable delay and a certain degree of controversy as the Commission diverged in a number of important respects from the technical advice provided to it by the European Securities and Markets Authority (ESMA) on possible implementing measures.

The level 2 regulation is subject to a three-month scrutiny period by the European Parliament and the Council and will enter into force, provided that neither co-legislator objects, at the end of this period on the day following publication in the Official Journal of the European Union.

The level 2 regulation will be directly effective in each EU member state and therefore will apply to managers falling within the scope of AIFMD without requiring any implementing measures to be adopted by national legislators or regulators. Click here to read the full article.

Contributed by Paul Murray.

Back to Legal News