TAILIEUCHUNG - EU Regulation of Investment Funds

Energy efficiency is a key area for competitiveness. The Commission will reinforce its cooperation with Member States on the implementation of the energy efficiency directive, the energy labelling and ecodesign legislation. Implementing the strategy for Key Enabling Technologies will also be a key lever of competitiveness. The Commission will deepen its work to help SMEs facing the challenge of financing and implement the Action Plan for entrepreneurship. Support from the European Regional Development Fund and the COSME4 programme will be ready to roll out when the new financing period starts in 2014. New programming of the European Social Fund will also include a particular focus on the provision. | WHITE CASE Insight Investment Funds March 2011 EU Regulation of Investment Funds EU Alternative Investment Fund Managers Directive An outline for private fund managers In November 2011 the European Parliament adopted a final agreed text of the European AIFM Directive after 18 months of fierce political debate. When implemented the Directive will bring fundamental changes for alternative investment managers their funds and service providers whether located in or outside the EU. Much of the detail under the Directive is still to come with an estimated 90 or so secondary measures expected to follow before implementation in European Member States. The European Securities and Markets Authority ESMA has launched a call for evidence on the so-called Level 2 measures which will contain much of the detailed provisions of the Directive. Scope The Directive establishes a new EU regulatory regime for entities which manage alternative investment funds AIFs such as private equity real estate and hedge funds or which market such funds in the EU. Whilst primarily aimed at EU based managers non EU managers will also be impacted insofar as they either manage EU domiciled AIFs or wish to market their AIFs wherever domiciled to EU investors. Accordingly the Directive applies to EU AIFM which manage funds based in the EU or outside it For more information please contact Carmen Reynolds Partner London 44 20 7532 1421 creynolds@ Matthew Judd Partner London 44 20 7532 2108 mjudd@ Non EU AIFM which manage EU AIFs Non EU AIFM which market AIFs in the EU Timetable The Directive had been expected to be implemented across the EU in March 2013 although it now appears that this will be delayed to June 2013. Until then there is no change to the current position but given the significant new measures being introduced AIFM should start planning for implementation of the Directive early insofar as possible. The deadline for ESMA to respond to the European Commission on the

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