The Directive will enter into force on the 20th day following its publication in the Official Journal (21st July), and Member States will have two years to transpose its provisions into national law.
The scope of this Directive should be limited to entities managing AIFs as a regular business – regardless of whether the AIF is of an open-ended or a closed-ended type, whatever the legal form of the AIF, and whether or not the AIF is listed – that raise capital from a number of investors with a view to investing that capital for the benefit of those investors in accordance with a defined investment policy.
The European Union’s Directive on Alternative Investment Fund Managers will come into force on 21 July. EU Member States will now have until 22 July, 2013 to transpose the Directive into their national legislation.
Full Directive
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