Transposition of AIFMD in Iceland
On 11 May 2020 the Icelandic Parliament (Althingi) passed a bill implementing the Alternative Investment Funds Managers Directive (of the European Parliament and of the Council no. 2011/61/EU). Currently, the legislation has not been published in the Government Gazette. The Act will be in full effect from the date following the publishing date.
Although the legislation’s effect on off-shore alternative investment fund managers providing cross-border services in Iceland will be limited, it is an important step in aligning the Icelandic legislation concerning funds with the EU regulatory framework for AIFs.