The European Commission is of the opinion that the Alternative Investment Funds Manager or ‘AIFM’ Directive (2011/61/EU), adopted in 2011 as one of the responses to the 2008 financial crisis, contributes effectively to the stability of financial markets by requiring fund managers to understand the risks involved, increasing transparency and better protecting professional investors (see EUROPE B12504A19).
Nevertheless, ten years after the start of the implementation of the rules, the EU...