tailieunhanh - Alternative Investment Fund Managers Directive (“AIFMD”), Level 2 Measures - The Wait Is Over

In the medium term, Zimbabwe’s prospects and performance will be largely determined by political developments and key reforms aimed at improving the investment climate especially in the areas of the property rights, indigenization, and land reform, which make up the risks to the outlook. In addition, the speed and determination with which the Government addresses the issue of external indebtedness will be vital, as this will unlock critical resources required for investment in the various sectors of the economy and in infrastructure in particular | Ill WALKERS Global Legal Solutions Alternative Investment Fund Managers Directive AIFMD Level 2 Measures - The Wait Is Over 14 January 2013 With the deadline for implementation only 6 months away thie European Commission has ifi y adopted the AIFMD Delegat ed 0 005 the .eve 2 Measures . Originally due to be published in July 2012 the adoption of the 2 iMeasutes w d l a cd due to high ievel pc lrií l debate surrounding in particular the issues of delegation and the depositary regime. Despite the long wait with the exception of the sderlecyatiorl rules she Level 2 Measuues do not significantly differ from the initial draft texts that were issued ovt r the past 3 months. in the cate so she delegation rules a cc r f rc r is e qualitative ieet swat introduced in addition to the controversial quantitative proposals. The Level 2 Measures provide the funds ís c i I c with much needed iyĩrici Sice and clarity and will allow asset managers to start the implementation process. The Level 2 Measures were adopted in the form of a regulation on 19 December 20112 and are subject to a three month sccutiny period by the European Parliament and Council. The European Parliament and Council are unlikely to raise any objections as they only have the rig hr to object to the entire tLevI 2 Measures and cannot propose further amendments. Regulations are directly effective and do not require implementation l llyr in tine member tSatee of the European Union EU . The Commission chose this method of implementation to ensure a harmonised appllcation of the AIFIMD rulee and to cceaae a f íngle rulebook throughout the EU. This will be of bene rt to asset managers particularly those with operations in more than one EU member tsaae. SubjecC to no objections being raised by the European Parliament and Council the Level 2 Measureswiil come intoeafecton22fuly2013. As a global law firm Walkers has been advising clients through our international offices on the implementation of AIFIMD in the connext oO

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