The Missing Link – AIFMD and Third Countries

On November 11, 2010 the European Parliament and Commission approved the Belgian Presidency's proposed AIFM Directive.  The Directive should come into force by mid-2011 and Member States will be required to implement the Directive within two years of that date. This note summarizes the provisions of the “third country issue” and touches on the increased powers of the European Securities and Markets Authority (ESMA), a newly established European super-regulator.