By July 22, 2013, EU member states must adopt the provisions of the Alternative Investment Fund Managers Directive (the “AIFMD”). On May 13, 2013, the UK’s HM Treasury further clarified how AIFMD will affect alternative investment fund managers (“AIFMs”), including those based outside the European Economic Area (the “EU”) with respect to UK private placements and UK marketing activities.

In addition, on June 28, 2013, the UK’s Financial Conduct Authority published its Policy Statement on the Implementation of the Alternative Investment Fund Managers Directive in the UK. This Policy Statement sets out the FCA’s final rules for such implementation, as well as responding to the feedback it received from its earlier consultation papers.