Overview

On 11 November 2010 a European Parliament vote settled the text of the controversial Alternative Investment Fund Managers Directive, bringing to a close some 18 months of negotiations.

The text now adopted is the result of extensive, fierce and often intensely political debate between the European Commission, Member States and EU parliamentarians.

Yet whilst the industry has worked hard to influence and improve the Directive, this briefing from UK law firm Travers Smith argues that much of it remains unjustified, wholly unsatisfactory or unclear; with the issues deeply politicised and the legislative process opaque.

With unforeseen and likely unpalatable consequences of this, the only thing certain is that the Directive will usher in fundamental change for managers and investors alike. This briefing has the details.