The EU directive on alternative investment fund managers (AIFMD) came into force on 21 July 2011. This means that each EU Member State is now required to transpose the AIFMD into national law by 22 July 2013.
The AIFMD lays down rules for the authorisation, ongoing operation and transparency of managers of alternative investment funds (AIFs). The AIFMD will apply to a non-EU fund manager if it is (a) managing or marketing one or more AIFs established in the European Union to investors in the European Union; or (b) marketing one or more AIFs established outside the European Union (a non-EU AIF) to investors in the European Union.
This briefing considers the impact of the AIFMD on a non-EU fund manager that is marketing one or more non-EU AIFs to investors in the European Union (a non-EU Manager) and the issues that may affect its operations and marketing activities.