Brussels, 19/12/2012 (Agence Europe) - On Wednesday 19 December, the European Commission adopted an implementation regulation for EU Directive 2011/61/EC on hedge funds and alternative funds that is to be applied by August 2013. The regulation covers the conditions and procedure for the determination and authorisation of Alternative Investment Fund Managers (AIFMs), including the capital requirements applicable to AIFMs; operating conditions for AIFMs, including rules on remuneration, conflicts of interest, risk management, liquidity management, investment in securitisation positions, organisational requirements, rules on valuation; conditions for delegation; rules on depositaries, including the depositary's work and liability; reporting requirements; and rules for cooperation arrangements with countries outside the EU. (MB/transl.fl)