Another Milestone for the AIFMD – Time for Non-EU Private Equity Advisers to Take Stock?


The Alternative Investment Fund Managers Directive (“AIFMD”) was published on June 8, 2011. It introduces a Europe-wide regime aimed at regulating the activities of those who manage and market alternative investment funds, such as private equity funds (“Funds”). The AIFMD has been in the public domain for over a year and its immediate impact has yet to be felt. However, on November 16 the European Securities and Markets Authority (“ESMA”) took the first legislative step towards the implementation of the AIFMD by presenting its technical advice on the AIFMD implementing measures (“Technical Advice”) to the European Commission (“Commission”). The Technical Advice addresses issues which are relevant to non-EU advisers, including “Third Countries”, general provision for managers, authorization and operating conditions and transparency requirements and leverage.

Executive Summary and Next Steps for Advisers

This Technical Guidance brings the AIFMD’s impact closer and represents an opportunity for U.S. and other non-European private equity advisers to consider or reconsider the AIFMD’s impact:

• For an adviser or manager considering any fund-raising in the EU, it will need to ensure that this fund-raising is completed by July 21, 2013 to avoid the need to comply with the AIFMD’s fund-raising requirements.....

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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