Doing Business In The EU: US Investment Advisers Brace For AIFMD

The Alternative Investment Fund Managers Directive (AIFMD) is a new regulatory environment that became effective 22 July 2013, and comprises of the following:

• An EU directive issued 8 June 2011 that outlines the philosophy towards alternative investment fund management
• An EU regulation issued 19 December 2012 that details how to comply with the above directive and
• A set of guidelines published by the European Securities and Markets Authority (ESMA).

Apart from the broad regulatory framework discussed above, individual EU countries are also at liberty to implement their own country specific requirements within the overall AIFMD...