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.