The EU’s Directive on Alternative Investment Fund Managers, which was given a first reading by the European Parliament on November 11, is set to become law in February or more probably March.
The text agreed by the European Parliament has first undergone a process of legal and linguistic revision to correct any typographical or drafting errors and to ensure the internal consistency of its provisions. The next step is translation of the finalised text into the various official languages of the European Union.
Once this is completed the directive will be formally adopted by the EU’s Economic and Financial Affairs Council. The Ecofin Council is scheduled to meet under the presidency of Hungary on January 18, but according to a council spokesman the AIFM Directive is more likely to be adopted at the body’s next meeting, on February 15.
A few days after its adoption the directive will be published in the Official Journal of the European Union, and will enter into force on the 20th day following publication. EU member states will then have two years to transpose the directive into their national legislation.