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News January 10, 2011 Issue

EU Moves Closer To Finalizing AIFM Directive

It is all but done now. The EU Parliament, after nearly two years of debate, finally approved the Alternative Investment Fund Manager (AIFM) Directive late last year. The last step in the process of becoming law is approval by the European Council, which is expected to occur as early as the next few weeks.

The directive effectively bans U.S. hedge funds from marketing their products to investors in the EU, unless the fund managers register in the EU and obtain a "passport" to do business there. Among other requirements, the directive will mandate registration, reporting, and capital requirements, and appointment of a depositary and a valuation expert.

Stay tuned for more…