the Malta Financial Services Authority transposed the requirements of the Directive by means of a series of regulations issued under the Investment Services Act (Cap. 370, Laws of Malta) and a number of new MFSA rulebooks. = EU-Passport Luxembourg (12 July 2013) In Luxembourg, the AIFM directive was transposed into national law on 12 July 2013. According to the 2013 law an entity – in order to become an AIFM – will have to submit an application to, and obtain authorisation from, the Commission de Surveillance du Secteur Financier (CSSF). The application must include information on the directors of the AIFM, its shareholders, and the alternative investment funds (AIF), which it intends to manage and demonstrate how the entity will comply with the requirements of the AIFM Law. France (27 July 2013) The AIFM directive was transposed into France's national law on 27 July 2013. Reception In a study conducted by Multifonds in June 2014, 72% of respondents from the EU and Canada said they expected non-EU managers to set up European operations in order to take advantage of Directive 2011/61/EU. In a 2014 study conducted by Preqin, 71% of American fund managers said they believed Directive 2011/61/EU would have a negative effect on the industry. Fund managers from within the EU, Asia and the rest of the world excluding the United States reported in 2014 and 2015 that Directive 2011/61/EU was costing them more than they had expected it to. Criticism of the costs of the legislation comes partly from industry lobbyists. According to a study conducted by Deloitte, most of the UK-based asset managers think that the AIFM Directive could reduce the competitiveness of the EU's alternative investment funds industry because of the compliance the regulations impose on the industry. In addition, these managers from the hedge fund, private equity and real estate sectors believe that the directive will reduce the number of non-EU managers operating within the EU. Directive 2011/61/EU passed after contentious negotiations, especially between UK and French authorities, and because of its third-country provisions, which attracted considerable interest and engagement from U.S. authorities. See also EU law Directive 2014/65/EU Directive 2009/65/EC Notes External links Text of the directive 2011 in law 2011 in the European Union Corporate law European Union directives Investment management