EUROPE - The long-anticipated Alternative Investment Fund Managers (AIFM) Directive has been passed into law following a plenary vote of the European Parliament.
Member states will have two years in which to incorporate the Directive's rules, which will see alternative investment funds and managers regulated at a European Union level, in their national laws.
It comes weeks after the European Parliament succeeded in pushing through new chapters on contentious issues including passports for non-EU alternative funds and managers, combating asset stripping and ensuring tough rules on depositary liability. (Global Pensions: 26 October 2010)
A European Parliament spokesman said: "Over a year in the making, this often-controversial law will impose registration, reporting and initial capital requirements on a financial industry sector which until now has been subject only to ‘light touch' regulation.
"Alternative investment funds (AIF), notably hedge funds and private equity, will henceforth be subject to more substantial regulatory oversight, so as to enhance investor protection and financial stability, both key priorities for Parliament all throughout the negotiations."
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