Alternative Investment Fund Managers Directive

What AIFMD Will Mean For Your Firm

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The Alternative Investment Fund Managers (AIFM) Directive is the most contentious piece of financial services legislation to come out of the European Union in years. When first proposed in April 2009 it was met with uproar from participants both within and outside the alternatives industry, who criticized it for being protectionist, cost burdening and unreflective of different managers’ business models or the risks they pose.

After more than 18 months of negotiation and compromise, the directive’s broad framework has been agreed at last. What was originally a contentious document is becoming more reasonable—though still in formulation stage. The detailed implementation measures are now being thrashed out, but it is clear they will herald a radical shake-up of Europe’s alternative investments arena.

So what does the directive entail, and how will it impact the industry?