In November 2011 the European Parliament adopted a final, agreed text of the European AIFM Directive, after 18 months of fierce political debate. When implemented, the Directive will bring fundamental changes for alternative investment managers, their funds and service providers, whether located in, or outside, the EU.
Much of the detail under the Directive is still to come, with an estimated 90 or so secondary measures expected to follow before implementation in European Member States. The European Securities and Markets Authority ("ESMA") has launched a call for evidence on the so-called "Level 2" measures which will contain much of the detailed provisions of the Directive.
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