Introduction -

The European Member States must implement the Directive on Alternative Investment Fund Managers (the “AIFMD”), which came into force on July 21, 2011, into their national laws by July 22, 2013. Once the Directive is fully implemented, non-EU AIFMDs that wish to offer interests in private placements will have new compliance and reporting responsibilities.

This briefing note will discuss the key obligations imposed by the AIFM Directive and the delegated regulation supplementing the AIFMD (the “Regulation”) on non-EU AIFMs managing or marketing AIFs in the EU.