The European Union has finally succeeded in introducing a directive to establish a harmonised pan-EU framework for the regulation and supervision of the activities of alternative investment fund managers ("AIFM").
The Alternative Investment Fund Managers Directive ("AIFM Directive") will automatically apply to AIFM located in the EU. Its scope will also cover AIFM located outside the EU who manage EU based alternative investment funds ("AIF") and also, to a certain extent, non-EU AIFM managing non-EU AIF that are marketed in the EU.
We have prepared a guidance paper entitled "A guide to the AIFM Directive – Putting fund managers on the right path". This guidance paper presents an overview of the key provisions of the AIFM Directive and an analysis of how they will impact the operations of fund managers. While our e-briefing entitled "AIFMD Briefing Note", issued on 18 November last, provides a broad summary of the main provisions of the AIFM Directive, this guidance paper aims to address some of the most immediate questions that will be posed by fund managers now the AIFM Directive is finally a reality.
The frequently asked questions posed by fund managers which we have considered in the guidance paper are as follows:
Does the AIFM Directive apply to our business? To what extent will the AIFM Directive affect our business? What does authorisation require? When does the AIFM Directive come into effect? What will we need to do in...