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 EY, 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 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.
Jiri Krol, AIMA’s deputy CEO, head of government and regulatory affairs, said: “It rarely happens that all member states transpose on time but we are encouraged by the progress that is being made by some of the key asset management and fund jurisdictions in implementing the directive. That said, there are still significant areas of uncertainty even in those jurisdictions that have transposed the text.”
Twelve member states have so far transposed the directive into law: the Czech Republic, Cyprus, Denmark, France, Germany, Ireland, Luxembourg, Malta, the Netherlands, Slovakia, Sweden and the UK.
Austria, Bulgaria, Hungary, Italy, Latvia and Romania have drafted laws that are awaiting parliamentary approval; and Belgium, Finland, Portugal, Slovenia and Spain have not yet begun to transpose the directive into law.
AIMA also stated that Estonia, Greece, Lithuania and Poland are still awaiting clarification.
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