Implementation of EU Directive on Alternative Investment Fund Managers into Italy Has Begun
Alessandro E. Corno, Eriprando Guerritore and Giovanni Meschia
Implementation and Scope of the Directive
On June 8, 2011, the European Parliament and the European Council issued Directive 2011/61/EU on alternative investment fund managers (the AIFM Directive). The AIFM Directive applies to alternative investment fund managers that manage and/or market alternative investment funds (AIFs)—investment funds other than UCITS funds—in the EU and lays down a set of harmonised rules regarding authorisation, operation, and transparency. The managers of real estate funds, private equity funds, venture capital funds, infrastructure funds, and hedge funds fall within the subjects to whom the provisions of the AIFM Directive apply. The AIFM Directive governs alternative investment fund managers (AIFMs) only and maintains the power to regulate the structure of AIFs and the supervision of AIFMs at the level of each EU Member State.