The AIFMD is due to take effect on July 22, 2013. Yet countries across the EEA — with less than a week until the deadline — are at different stages of transposing the AIFMD into national laws. A number will miss the implementation deadline. Those who are expected to be “on time” are interpreting the AIFMD in different ways. This note summarises some key recent developments, and action items, for non-EEA managers looking to market funds to EEA investors.

General Rule -

The provisions of the Alternative Investment Fund Managers Directive (the “AIFMD”) are triggered on any offering or placement of interests in a fund to professional investors in the European Economic Area (the “EEA”), as discussed briefly below. This is “marketing” within the meaning of the AIFMD. Subject to the availability of transitional periods and of a reverse marketing exclusion (each discussed below), any marketing on or after July 22, 2013 will trigger disclosure and reporting requirements. In many cases marketing cannot take place without prior notification to or approval of the relevant EEA regulator.