[5] As of 2014, the countries that had transposed Directive 2011/61/EU into law include Cyprus, the Czech Republic, the United Kingdom, Luxembourg,[6] (Germany),[7] France,[8] Malta and Ireland.

[9] In December 2014, the European Commission issued a formal warning to countries including Spain, Latvia and Poland for not complying with implementation of Directive 2011/61/EU.

[10] Directive 2011/61/EU was prompted as part of a wider regulatory effort undertaken by G20 nations following the global market downturn of 2008.

The new regime brings transparency and security to the way these funds are managed and operate, which adds to the overall stability of our financial system.

[23] The Annex IV report is a government regulatory document comprising 41 questions, analysing a fund's investment portfolios, exposures, leverage ratios, liquidity and risk analysis.

[27][28] In chapter V, section 2, articles 26–30, additional obligations apply for AIFs acquiring controlling influence in non-listed companies.

[33] In 2015, an analyst for EurActiv.com, a European news and policy website, expressed concern that the directive puts non-EU funds at a disadvantage.

[33][35][36] In July 2016 AIFM concluded that there were no fundamental obstacles to issuing passports to Canada, Guernsey, Japan, Jersey and Switzerland, seven other non-EU countries are also under consideration.

[1][38] On 16 November 2011, ESMA issued technical advice to the European Commission (EC) on possible implementation measures for Directive 2011/61/EU.

[43] Some, but not all, member states provided for a one-year transition period, beginning 22 July 2013, before AIFMs would become subject to the requirements of Directive 2011/61/EU.

[51] According to the 2013 law an entity – in order to become an AIFM – will have to submit an application to, and obtain authorisation from, the Commission de Surveillance du Secteur Financier (CSSF).

[53] In a study conducted by Multifonds in June 2014, 72% of respondents from the EU and Canada said they expected non-EU managers to set up European operations in order to take advantage of Directive 2011/61/EU.

[55][56] Fund managers from within the EU, Asia and the rest of the world excluding the United States reported in 2014[57] and 2015[58] that Directive 2011/61/EU was costing them more than they had expected it to.

Directive 2011/61/EU passed after contentious negotiations, especially between UK and French authorities, and because of its third-country provisions, which attracted considerable interest and engagement from U.S.