The Alternative Investment Fund Managers Directive—a guide for US managers


The EU Alternative Investment Fund Managers Directive (AIFMD) has now been in force for some six months. This overview note is aimed at US managers who have not yet had to get to grips with the AIFMD but will need to raise funds in Europe in due course. You will be able to take the benefit of the practical experience King & Spalding lawyers have had to date in helping clients navigate the new AIFMD regime.

What the Directive covers -

The AIFMD requires that EEA based “alternative investment fund managers” (AIFMs) must have specific authorisation to manage and market “alternative investment funds” (AIFs), complying with strict operating and organisational requirements imposed on both the manager and (indirectly through obligations imposed on the manager) the AIFs it manages. AIFMs and AIFs based outside the EEA are prevented from marketing to investors in the EEA unless mandated requirements are satisfied.

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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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