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The chaos around the Swiss Franc may be a sign of a
coming crisis in the European Union. For private fund managers, a different
crisis may be the new European regulatory regimes for private funds. With all
of the flux in the United States over the regulation of private funds, it's
been easy to forget that the EU has been trying to put a new regulatory regime
Over the summer, the official
text of the Alternative Investment Fund Managers Directive (2011/61/EU)(.pdf
73 pages) was published. The European Parliament adopted the Directive in
November, 2010 and the Council of the European Union adopted it in May, 2011.
The EU member states will have until July 22, 2013 to update their the national
laws, regulations and administrative provisions to give effect to the AIFMD.
This new EU legislation will regulate managers of hedge,
and real estate funds and other alternative investment funds. It covers almost
any investment fund except funds regulated under EU legislation on Undertakings
for Collective Investment in Transferable
There are still many moving parts. The EU regulatory
regime will need to be in place and there will likely be variations from
country to country in the EU.
If you have European investors or operations in Europe,
you have more reading to do.
additional commentary on developments in compliance and ethics, visit Compliance Building,
a blog hosted by Doug Cornelius.
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