In July 2013, the EU Alternative Investment Fund Managers Directive (AIFMD) will be implemented across the EU Member States. The AIFMD significantly changes EU regulation of “alternative investment funds” (AIFs), which include private equity funds, hedge funds and real estate funds as well as their managers (AIFMs) and other service providers. The AIFMD will directly impact the way in which non-EU AIFMs are permitted to market AIFs into the European Union. We discuss UK implementation of the AIFMD regime for any non-EU AIFMs wishing to market AIFs in the United Kingdom during the first phase of the AIFMD, from July 2013 until (according to current thinking) July 2015.
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