On July 1, the Official Journal of the European Union published the final agreed text of the Alternative Investment Fund Managers Directive (AIFM Directive). The AIFM Directive creates a framework for subsequent rulemaking measures, which will be proposed by ESMA no later than November 16 and published in early 2012. The AIFM Directive will be effective on July 22 and EU member states will be required to transpose the AIFM Directive and such subsequent rulemaking provisions into national law by July 22, 2013. AIFM Directive.