New Requirements Imposed on the European Alternative Investment Funds Industry

摘要

On 19 December 2012, the European Commission (the 'Commission') adopted implementing measures ('Level 2' or the 'Regulation') in relation to the Directive on Alternative Investment Fund Managers (the 'AIFMD' or 'Directive'). The Regulation supplements certain elements of the Directive and contains implementing rules that will have direct effect in European Economic Area ('EEA') Member States on application without the need for national implementing legislation. In step with the current push by European regulators for a single rulebook for financial services in Europe, the Level 2 measures are set out as a regulation, rather than directive, meaning that they are directly applicable without the need for implementing legislation at the European Member State level. Although it leaves Member States with only the most limited amount of flexibility in implementation, the disadvantages of this restriction are outweighed, according to the Commission, by the measure ensuring a 'level playing field' through maximum harmonisation.