AIFMD: No Alternative to Harmonization

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Following delays throughout 2012, the European Commission (EC) published the eagerly awaited Level 2 measures of the Alternative Investment Fund Managers Directive (AIFMD) on December 19. The directive is an effort to regulate the non-Ucits (Undertakings for Collective Investment in Transferable Securities) fund sector. It aims to harmonize the way alternative investment funds (including hedge funds, private equity funds and real estate funds) operate in Europe, improve competition and protect i

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