Gold Magazine September - October 2013, Issue 30 | Page 80

eu legislation

HEDGE FUND
rules absent in
16 EU states

{tax&legal}

CYPRUS HAS TRANSPOSED THE
AIFMD INTO NATIONAL LAW

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re
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Georges Bock,
KPMG Luxembourg

he deadline for
European Union
(EU) member states
to transpose the
Alternative Investment Fund Managers
Directive (AIFMD)
into national law passed on 22 July 2013.
So far, the directive has been transposed by
only 12 out of 28 member states, Cyprus
being one of them. The others are Austria,
Croatia, Denmark, Germany, Ireland,
Latvia, Luxembourg, Malta, the Netherlands, Sweden, and the United Kingdom.
States that have transposed the law, either
through an active legislative procedure or
through negative assurance procedures,
have published information on the transitional arrangements and the majority will
have transitional relief for domestic AIFMs,
other EU AIFMs and non-EU AIFMs.
Only the Netherlands and Latvia limit the
transitional relief to (domestic) existing
managers. Non-EU AI