On July 22, 2013, all Member States of the European Union were required to have implemented Directive 2011/61 on Alternative Investment Fund Managers.
Although many Member States have implemented the AIFM Directive, including France, Germany, Ireland, Luxembourg, the Netherlands and the UK, a number of Member States, including Italy, did not meet the deadline.
Even the countries that did meet the deadline still need to publish additional guidelines and implementing measures, some of which may have significant implications for managers of “alternative investment funds” and investors.
