EUROPE: EU Commission issues Reasoned Opinion to Italy and Estonia over AIFMD

Wednesday April 1 2015

The European Commission has announced that it has formally requested Italy and Estonia to transpose the Alternative Investment Fund Managers Directive (2011/61/EU) into their national laws and to communicate the transposition measures to the Commission.

The Directive has been partially transposed by both Member States. In Italy’s case, important measures concerning conditions for the take-up and the authorization of alternative fund managers, as well as rules on depositaries, management and marketing of alternative funds and supervision have still not been communicated. Estonia has also failed to communicate certain rules applicable to the authorisation of alternative funds managers and the rules applicable to depositaries.

Italy and Estonia had until 22 July 2013 to ensure the transposition of the Directive into their domestic laws. The Commission has sent a reasoned opinion to both countries. If they do not comply within two months, the Commission may decide to refer them to the Court of Justice and propose financial sanctions under Article 260 (3) TFEU.

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