What is the impact of the asset stripping rules on French private equity firms?
In the wake of the financial crisis, the European Commission underscored the responsibility that managers of Alternative Investment Funds (AIFs) have in administering assets and the influence that they can exert on markets and on the companies in which they invest.
On the pretext of reducing risks, the Commission proposed rules to limit specific risks arising from the activities of AIFs, in particular systemic risk.
Despite intensive lobbying by national and international associations from the financial sector, Directive 2011/61/EU1 on Alternative Investment Fund Managers (AIFM Directive) was adopted and then transposed into French law by order no. 2013-676 of 25 July 2013.
The order entered into force on the same day and was ratified into law on January 1st 2014.
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