AIFMD: Impact on US Investment Advisers (Dechert LLP)

June 2013

KEYWORDS: AIFMD, alternative investment, hedge funds, Hedge Fund Regulation, EU, European Union, ESMA, marketing, EU Member State, private placement, Liquidity, redemption terms, Form PF, SEC, Securities and Exchange Commission

Authors:

Gus Black, Stuart Martin

Organizations:
  • Dechert LLP

Summary:

This OnPoint considers the impact of the EU Alternative Investment Fund Managers Directive (“AIFMD”) on US based investment advisers. Much of what it covers is equally applicable for investment advisers and managers based in other non-EEA jurisdictions.
It is intended as a supplement to our other publications and materials on AIFMD. Readers looking for a more comprehensive overview of AIFMD, or a more detailed explanation of some of the concepts referred to in this OnPoint, should check our AIFMD resources.
This note gives a general overview only as at June 2013 and cannot substitute for bespoke legal advice. Many rules are still in draft and in flux. Transitional reliefs, de minimis or other exemptions and differences in implementation approach and timing as between EEA member states mean that the application of these concepts can differ materially as between different investment advisers.

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