Could AIFM be delayed?

The European Commission is sticking to its July 2013 AIFM implementation deadline, but could not guarantee there would be no delay as some in the industry suspect.

In an email exchange with PE Manager the European Commission said it has no immediate plans to change its implementation schedule date for its Alternative Investment Fund Managers’ Directive (AIFM), but left open the possibility for a delay. 

“…you never know and things could happen between now and then, but as of now there is no reason why the July 2013 date for implementation of AIFMD should not be met,” a spokesperson for the Commission said.  

The Commission was unable to confirm the exact publication date of follow-up “Level II” measures expected later in the year. 

Some in the industry speculate the Commission will seek more time in creating its pan-EU funds framework. Jacques Elvinger, partner at Luxembourg-based law firm Elvinger, Hoss & Prussen, told PE Manager that delaying the go-live date might be “justified in the circumstances”, explaining that “there is precedent EU legislation to that effect.”

Earlier this week the EU considered delaying its pan-European insurance directive, Solvency II, transposition and application dates.

Not everyone agreed with Elvinger. Christian Schatz, tax lawyer at law firm SJ Berwin told PE Manager that political motives would stop the directive being delayed. “A new directive would need to be adopted to change the implementation date, which is rare but not unheard of. It seems unlikely that there would be the political will to do so in this case.”