The EU’s Alternative Investment Fund Managers Directive (“AIFMD”) takes effect on July 22, 2013. US alternative asset managers are affected by AIFMD if they market to professional investors in the EU. If so, they will need to notify European national regulators of their intent to market in each country by July 22, 2013, and then subsequently report to the regulators (similar to the US’s Form PF) and make certain additional disclosures to regulators and investors. If the US manager is managing an EU alternative fund, the impact of the new regulatory obligations is heightened.
This FS Regulatory Brief describes the impact AIFMD will have on these US managers and outlines the requirements in chart format in the Appendix. Furthermore, it details what US managers must do in order to continue to market funds in the EU, the deadlines that apply, and what actions US managers should be taking now. At a minimum, US asset managers should be reviewing their current activities in the EU and begin planning how they will market in the EU going forward.