Pursuant to Article 61(1), AIFM performing activities under the Directive before its final transposition date (i.e. expected in early-2013) are required to comply with national legislation implementing the Directive from its date of transposition and are required to submit an application for authorisation within one year of that date (i.e. 22 July 2014).

The Directive offers exemptions from this transitional provision in two scenarios. First, pursuant to Article 61(3), AIFM managing closed-ended AIF which do not make any additional investments after the final transposition date may continue to manage such AIF without authorisation. In addition, pursuant to Article 61(4), AIFM that manage closed-ended AIF whose final closing has occurred prior to the final transposition date and which will terminate by 22 July 2016 may continue to manage such AIF without complying with the Directive (other than Article 19 (Annual report) and, if applicable, Articles 26 to 30 (Disclosure and asset-stripping provisions for private equity-type investments)).

Although, prima facie, these provisions apply to all AIFM (i.e. EU AIFM and non-EU AIFM), they will likely only be applied to EU AIFM on the basis it is envisaged that non-EU AIFM will not be able to register under the Directive until 22 July 2015.