In some respects the wait is over. It is 22 July 2013, the date for the national transposition of the Alternative Investment Fund Managers Directive (“AIFMD“) across Europe is here. There is now a new regulatory regime and set of rules governing managers of non-UCITS funds (alternative investment fund managers, or “AIFMs“) and the distribution of their products (alternative investment funds, or “AIFs“). But most managers can continue and are continuing to manage and market their funds today just as they did yesterday. So why, for all the change in law and regulation (the FCA’s new FUND sourcebook; the new Alternative Investment Fund Managers Regulations 2013), has there been so little change in practice? For how long will this ‘business as usual’ phase last? And when will managers need to start dusting the cobwebs off their AIFMD project plans? To read our briefing, click here.