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ARTICLE · 15 AUGUST 2012

Non-EU Private Equity Managers And The AIFMD

Dillon Eustace
Dillon Eustace
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Dillon Eustace

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The European Directive on Alternative Investment Fund Managers (Directive 2011/1/EC) is now high up on the agendas of most managers.

IrelandCorporate/Commercial Law
Donnacha O'Connor
Donnacha O'Connor
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The European Directive on Alternative Investment Fund Managers (Directive 2011/1/EC) (AIFMD) is now high up on the agendas of most managers. It will become national law across the EU by 22 July 2013 and it is certainly time to hone in on the provisions of this new law. Managers based outside of the EU (non-EU AIFM) should not assume they can continue to privately place their non-UCITS funds (AIF) to EU investors as they have always done and that they will not be impacted in any other way by this new law.

Marketing into Europe

The marketing passport under the AIFMD will only be available to EU AIFM and their EU AIF initially. By October 2015, the European Commission will decide whether EU AIFM will be permitted (but not required) to market non-EU AIF under the marketing passport. Non-EU AIFM which manage EU AIF may be required to register at this point. Non-EU AIFM which only market non-EU AIF into the EU will continue to be able to do so until at least October 2018.

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