With the adoption by the EC of a Delegated Regulation (the “AIFM Regulation”), the Directive 2011/61/EC of the European Parliament and of the Council of November 11, 2010 on AIFM will be supplemented. The AIFM Regulation will be directly applicable as from July 22, 2013 without any implementation into national law by the Member States.

These “Level 2 Measures” provide for a series of implementing rules with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision.

For a detailed review, please refer to the Delegated Regulation.