On 19 December 2012, the European Commission adopted a Delegated Regulation (the "AIFM Regulation") supplementing the Directive 2011/61/EC of the European Parliament and of the Council of November 11, 2010 on alternative investment fund managers (the "AIFM Directive").
These "Level 2 Measures" provide for a series of implementing rules with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision.
The AIFM Regulation will be directly applicable as from July 22, 2013 without any implementation into national law by the Member States.
For a detailed review, please refer to the Delegated Regulation.
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