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The Alternative Investment Fund Managers Directive (AIFMD) 2011/61 EU was published in the Official Journal of the European Union in July 2011, with a supplementing regulation (AIFMR )231/2013 EU. Its objective is to provide a regulatory framework for Alternative Investment Fund Managers (AIFMs). An AIF is defined in the Directive as any collective investment undertaking, that is not pursuant to the UCITS Directive.
In June 2020, the European Commission submitted a report to the European Parliament and the Council which outlined that although there had been significant growth in the AIF market since 2011, it was determined that the legal structure of the AIFMD required improvement to further enhance investor protection, and to establish differences between retail and professional investors. A review of the AIFMD was launched in 2021, to further integrate and improve the use of the AIFM passport and the overall competitiveness of the industry.
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