Publications

It is always exciting to unwrap a Christmas present, even one that is sock-shaped. And after many months of waiting, many will flick through the Commission's Level 2 Alternative Investment Fund Managers Directive (AIFMD) Delegated Regulation, issued on 19 December 2012, (the Regulation) in anticipation of helpful text in areas such as delegation and depositary liability. Alas, the sock-shaped present contains socks. The final text of the Regulation contains very few material developments from the texts widely leaked over the past months, and continues to pose some significant problems for the alternative investment fund sector and its suppliers.

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