AIFMD Implementation – What Should Non-EU Private Fund Advisers Be Doing?

The Alternative Investment Fund Managers Directive ("AIFMD") has been in the public domain for over two years. However, various legal measures, both at European Union ("EU") and at individual EU Member State ("Member State") level, implementing the AIFMD have recently been finalized or are now near final, including the "Level 2" regulation supplementing the AIFMD ("AIFMR"). Further, the European Securities and Markets Authority ("ESMA") has recently published various draft "regulatory technical standards" and has finalized its Guidelines on Sound Remuneration Policies ("the Remuneration Guidelines").

Although the key principles governing AIFMD were enshrined in November 2011, these recent developments give a better idea of the duties which AIFMD will impose on managers that are alternative investment fund managers ("AIFMs") with the meaning of the AIFMD. This alert communicates the impact of AIFMD on non-EU managers ("Advisers") of hedge funds, private equity