Uneven progress is being made in implementing the Alternative Investment Fund Managers Directive (AIFMD) across the European Union, according to a joint study by the Alternative Investment Management Association (AIMA), and E&Y.
The AIMA/EY study found that although a majority of EU Member States have either already transposed the AIFMD into law within the transposition deadline of 22 July 2013, or have drafted the final legislation and are awaiting parliamentary approval, only 12 Member States have completed full legislative transposition.
At least five Member States are known to have made little or no progress towards drafting or finalising the required legislation.
- The 12 Member States that have so far transposed the Directive into law are: the Czech Republic, Cyprus, Denmark, France, Germany, Ireland, Luxembourg, Malta, the Netherlands, Slovakia, Sweden and the UK
- The 6 Member States that have drafted laws that are awaiting parliamentary approval are: Austria, Bulgaria, Hungary, Italy, Latvia and Romania
- 5 Member States have not yet begun to transpose the Directive into law: Belgium, Finland, Portugal, Slovenia and Spain
- Clarification is awaited from four Member States: Estonia, Greece, Lithuania and Poland.
The AIMA/EY study also found that at least 15 Member States are allowing managers more time to comply with the Directive under transitional periods of up to one year from the transposition deadline, although two of those appear to be extending this relief only to their domestic managers.
The findings are part of a wider AIMA/EY survey on the implementation of the AIFMD. Other areas being looked at include the different approaches being taken across the EU to key areas such as private placement rules, reporting timeframes and remuneration requirements. The full results of the survey will be released in September.