European fund domiciles are rushing to write the Alternative Investment Fund Managers Directive (AIFMD) into law before the July 22 deadline.
The Department of Finance in Ireland has now transposed the directive into Irish law, an important move given that nearly half of the world's hedge fund assets are serviced in the country, according to figures from the Irish Funds Industry Association (IFIA).
Kevin Murphy, chair of the IFIA says the move “represents the culmination of a co-ordinated effort between the Department of Finance, the Central Bank of Ireland and the IFIA to ensure that Ireland is AIFMD ready. It clearly represents Ireland’s ongoing commitment to being the domicile of choice for funds.”
Meanwhile, France is expected to transpose the AIFMD next week, says the French funds industry association.
The Netherlands, Luxembourg and Germany are among the countries to have passed draft laws or implemented legislation in line with the AIFMD.
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