The Transposition of AIFMD

The road to implementation

EY

The Alternative Investment Fund Managers Directive (AIFMD) came into effect on 22 July 2013, but how far down the road have the national regulators got to transposing the Directive into law?

A recent “AIFMD Readiness Survey” completed by AIMA and EY has identified mixed progress in implementing the Directive: twelve countries transposed the Directive into law within the deadline. Another five Member States have drafted their laws transposing the Directive and are waiting for parliamentary approval; at least six more Member States have either not finished preparing their draft legislation or in some cases have not even begun, increasing the uncertainty for firms.

While the formal “go-live” date across the EU was 22 July 2013, AIFMD allows Member States discretion to provide some form of transition period to allow the market to adjust to the Directive.

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The survey found that 13 of the 17 Member States that have transposed or have near final drafts or otherwise published information about transitional arrangements will provide transitional relief for all types of existing AIFMs (domestic, EEA and non-EEA); two countries intend to limit the transitional to existing domestic AIFMs only. Most Member States that are providing a transitional period are allowing one year, but non-EEA AIFMs in Malta and Ireland will benefit from a two year transitional period.

The information provided in this article was collated as part of a survey conducted by AIMA and EY to assess the readiness of the 27 EU Member States as at 30 June 2013 with regards to the implementation of the Directive.