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ARTICLE · 29 APRIL 2013

AIFMD: Implications For Non-EU Managers Of Cayman Funds

Dillon Eustace
Dillon Eustace
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Directive 2011/61/EU on Alternative Investment Fund Managers comes into force on 22 July 2013, and aims to provide common requirements across all EU States for the management or sale of Alternative Investment Funds by Alternative Investment Fund Managers within the EU.

IrelandFinance and Banking
Derbhil O'Riordan
Derbhil O'Riordan
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Directive 2011/61/EU on Alternative Investment Fund Managers (the AIFMD) comes into force on 22 July 2013, and aims to provide common requirements across all EU States for the management or sale of Alternative Investment Funds (AIFs) by Alternative Investment Fund Managers (AIFMs) within the EU. The majority of the AIFMD's provisions will affect EU AIFMs; those who have their registered office in a member state and manage or sell AIFs in the EU. However, Non-EU AIFMs which have their registered office in a third country selling non-EU Funds, including Cayman Funds, within the EU will also be required to comply with certain provisions of the AIFMD.

WHAT IS THE EFFECT OF AIFMD?

From July, a single marketplace within the EU will be created for the marketing of AIFs. This "passport", previously available in Europe only to Ucits funds, will also become available to non-Ucits funds managed by EU AIFMs. Non-EU AIFMs will not benefit from the passport but will be

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