By Isabel Rodriguez King & Wood Mallesons’ Madrid office.
Directive 2011/61/EU, on Alternative Investment Fund Managers (“AIFMD,” hereinafter the “Directive“) entered into force on July 22, 2011, with a deadline for transposition by the Member States of July 22, 2013. This Directive was transposed into Spanish law by virtue of Law 22/2014 of November 12, which also amended Law 25/2005, governing the former legal framework for private equity.
Despite foreseeable initial concerns regarding the new legal framework, it is safe to say that, in general, the market has been able to easily adapt to the new rules. However, certain inefficiencies requiring correction have become clear, several of which are based on a lack of consistency in application of the regulations by each Member State, and others which are based on mere technical defects in the relevant regulations.
Continue Reading The Regulatory Framework in Perspective: Questions under Review