On 11 November 2010, the European Parliament – after extensive discussions – adopted the draft directive on managers of alternative investment funds. Although particularly aimed at regulating hedge funds and private equity funds, the directive has a much broader scope, providing for far-reaching changes in the supervision of all investment institutions other than UCITS.
The directive, which is expected to come into force early next year, will bring about major changes in the supervisory regime for investment institutions. It must be implemented in the different EU member states by the beginning of 2013.
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