The EU Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive” or “AIFMD”) applies to managers of alternative investment funds (each an “Alternative Investment Fund Manager” or “AIFM”). The main provisions of the Directive apply to AIFMs located in the European Union and which manage funds established in EU or non-EU jurisdictions. Important requirements under the Directive (elaborated in the European Commission’s December 19, 2012, Delegated Regulation (the “Level 2 Regulation”)) apply to managers based outside the European Union (non-EU AIFMs) in relation to funds established in non-EU jurisdictions which those managers wish to market in one or more EU jurisdictions.

This Advisory focuses on provisions which will apply to non-EU managers of non-EU funds to be marketed to EU investors with effect from July 22, 2013—the date that AIFMD provisions first become operational.

In order to continue marketing to EU investors after July 22, 2013...