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The AIFMD (Alternative Investment Fund Managers Directive) establishes harmonised regulatory standards for ‘managers of alternative investment funds” (AIFM). ‘Alternative Investment Fund’ (AIF) is defined as investment fund not already covered by the UCITS Directive. The AIFMD contains provisions regarding the authorization, ongoing operation and transparency of the AIFM. Under specific conditions AIFM benefit from a European passport and will be able to market AIF to institutional investors in all EU Member States or provide management services to AIF domiciled in other Member States. The AIFMD has entered into force on 21 July 2011. Member States have until 21 July 2013 for national transposition. The AIFMD and the relevant implementing measures will apply to new AIFM as of 21 July 2013 while most existing AIFM have until 21 July 2014 before the application of the provisions. Work by the European Commission and ESMA on the implementing measures for the AIFMD continues throughout the year 2012.