The Alternative Investment Fund Managers Directive, dreaded by the offshore world, has now been agreed. LB finds out why the offshore world’s law firms are still smiling
After laboured negotiations and more than 30 drafts, the Alternative Investment Fund Managers (AIFM) Directive was finally approved by the EU parliament in November 2010. As the terms were thrashed out in the preceding 18 months, the funds industry held its breath, stifling funds activity both on and offshore. The offshore world is now resting a little easier.