The EU Council has confirmed that it has no objection to the delegated Alternative Investment Fund Managers Directive ‘Level 2 Regulation’ which was adopted in December last year. Despite 12 regulators expressing their displeasure with the way in which the legislation has been introduced, no formal objections were received. Unless the European Parliament itself objects, the Level 2 Regulation will enter into force, as widely expected, on 22 July 2013.
