Macfarlanes: The Alternative Investment Fund Managers Directive - Implications for US Fund Managers

The Alternative Investment Fund Managers Directive (AIFMD) is a European Union Directive that sets out a framework for the regulation of managers of alternative investment funds, including hedge funds, private equity and real estate funds and other unregulated funds. 

The Directive will apply to managers of alternative investment funds who are within the EU, but in addition, certain provisions of the Directive will apply to non-EU fund managers, including US fund managers, which manage an alternative investment fund established in the EU and/or market any alternative investment fund in the EU (whether or not that AIF is established in the EU).

The Directive comes into force on 22 July 2013, subject to a number of transitional provisions. 

This note focuses on those parts of the Directive that will, or may be, applicable to a US fund manager.