AIFMD Implementation Falls Behind, Says Report

Earlier this week the approach of the deadline to transpose AIFMD into legislation revealed that compliance is shaky at best; now a joint study from the Alternative Investment Management Association (AIMA) and EY shows that AIFMD implementation in EU member states also leaves much to be desired.

The study finds that only 12 out of 28 member states have completed full legislative transposition, which the July 22 deadline specified. At least five have made little to no progress toward finalizing the legislation. However, at least 15 states are granting managers a one-year transitional period.

Jiri Krol, AIMA’s deputy CEO, head of Government & Regulatory Affairs, said: “It rarely happens that all member states transpose on time but we are encouraged by the progress that is being made by some of the key asset management and fund jurisdictions in implementing the Directive.”

Julian Young, partner, EMEIA Asset Management, EY, said: “It’s clear from the survey results that the Directive has not yet achieved the single market for non-UCITS products it was aiming for, and so firms will have to operate across a patchwork quilt of regulatory standards for the next few years at least.”