In consequence of the worldwide financial crisis, the European Commission has decided to regulate unitarily “Alternative Investment Funds” (AIFs). In April 2009, the European Commission has submitted a proposal for the Directive on a prospective regulation of managers of Alternative Investment Funds (AIFM-Directive).

Supported by further European offices, GSK Stockmann + Kollegen and its partner office Nabarro LLP are informing on an own website about the ongoing legislative procedure at the European level and about the implementation of the Directive by the Member States:

http://www.aifm-directive.de/cms

The AIFM Directive will provide for a regulatory framework for the management and marketing of Alternative Investment Funds (“AIFs”). This will trigger (amongst other things) licensing requirements, capital requirements and ongoing business requirements. More positively for AIFs, the new framework will also enable them to passport their activities into the EU. Numerous questions, for example, the range of the scope of the Directive, the requirements on the transparency duties and cross border aspects to third countries are currently not finally clarified.

EU-wide implementation into national law is expected to in 2011.