INTERNATIONAL: European Commission Requests Spain, Latvia and Poland to Fully Comply with AIFMD

Thursday November 27 2014

The European Commission has sent formal requests to Latvia, Poland and Spain to provide notification of the measures taken to fully comply with the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFMD).

The Directive has been partially enacted by Latvia, however notifications for compliance with important measures concerning certain rules applicable to the authorisation of alternative investment funds managers, conflicts of interest, rules on depositaries and supervision have still not been received. To date, Poland and Spain have not fully turned this Directive into national law despite being required to do so by 22 July 2013. These countries now have two months to inform the Commission of the measures taken to fully comply with Directive 2011/61/EU. Failure to provide notification of adequate measures could lead the Commission to refer the cases to the EU Court of Justice.

Click link above for further details.