27/03/2015 (Agence Europe) - Italy and Estonia required to fully transpose hedge funds directive. On Thursday 26 March, the European Commission formally requested that Italy and Estonia transpose the Alternative Investment Fund Managers Directive (2011/61/EU) on hedge funds and private equity funds into their legal systems. The deadline for this was July 2013. Both countries have failed to transpose the alternative fund manager rules and rules applicable to depositaries. (MB)