Former OCIE Chief Lori Richards and other PwC Partners and Managers Discuss the Mechanics of the AIFMD and Its Impact on Marketing by U.S. Hedge Fund Managers

The first phase of the European Union’s (EU’s) Alternative Investment Fund Managers Directive (AIFMD) must be implemented by July 23, 2013.  It will have a significant impact on how non-EU alternative investment fund managers market their funds in the EU.  The AIFMD will affect hedge fund managers that are based in the EU; that have EU operations; or that market their services in the EU.  However, uncertainty remains as to the precise regulations that individual EU member states will adopt and how those regulations will affect non-EU managers who wish to market their funds in the EU.  On February 11, 2013, PricewaterhouseCoopers LLP (PwC) presented a webcast on the AIFMD entitled “AIFMD: How does this impact U.S. investment advisers?”  The webcast was geared to U.S. alternative investment fund managers and provided insight into the implementation of the AIFMD.  In addition to giving a short overview of the AIFMD, the panelists discussed the impact of the AIFMD on U.S. managers who wish to market their funds in the EU; the consequences of being subject to the full AIFMD regime; and the timeline for AIFMD implementation.  This article summarizes the key points from the webcast.

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