Alternative Investment Fund Managers Directive 2011
Alternative Investment Fund Managers Directive 2011 (2011/61/EU) is a legal act of the European Union on the financial regulation of hedge funds, private equity, real estate funds, and other "Alternative Investment Fund Managers" (AIFMs) in the European Union. The Directive requires all covered AIFMs to obtain authorisation, and make various disclosures as a condition of operation. It followed the global financial crisis. Before, the alternative investment industry had not been regulated at EU level.
| European Union directive | |
| Text with EEA relevance | |
| Title | Alternative Investment Fund Managers Directive |
|---|---|
| Made by | European Parliament and Council of the European Union |
| Made under | Art. 53 |
| Journal reference | L 174, 1 July 2011, p. 1–73 |
| History | |
| Date made | 8 June 2011 |
| Came into force | 21 July 2011 |
| Current legislation | |
It was reported in May 2014 that only one-third of EU member states had successfully implemented the directive into law. As of 2014, the countries that had transposed Directive 2011/61/EU into law include Cyprus, the Czech Republic, the United Kingdom, Luxembourg, (Germany), France, Malta and Ireland. In December 2014, the European Commission issued a formal warning to countries including Spain, Latvia and Poland for not complying with implementation of Directive 2011/61/EU.