The Alternative Investment Fund Managers Directive is expected to be finalised within the next few months. This month the Council of the European Union, the European Commission and European parliament have commenced negotiations - known as "the trilogue" - to settle the directive text. Final council sign-off and parliamentary vote are scheduled for July.Whether one supports the directive or not, the time has arrived for property managers and investors to consider the implications of it being finalised and the opportunities that will be made available.It is expected to be transposed into national law by mid-2012, and it is generally assumed that the directivewill apply to existing funds, in addition to future vehicles. Managers of funds that will operate beyond the next two years - and to which the directive would apply -should ensure that both they and the funds they manaae will be directive compliant.
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