After years of speculation, industry-wide lobbying and a lot of confusion, the Alternative Investment Fund Managers Directive is about to come into force. By July 22, firms planning to market first-time funds in Europe will need to have implemented the directive, which includes rules surrounding marketing, enhanced disclosure and the use of custodians known as depositaries.

But firms caught up in the first wave of implementation are expected to face uncertainty about the practicalities of fulfilling the AIFMD's requirements, such as how detailed the role of a depositary will be.