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.

Please see full memo below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:


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.

© Shearman & Sterling LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.