The EU Alternative Investment Fund Managers Directive (the "AIFMD"), approved by the European Parliament in June 2011, established a new regulatory regime for EU and non-EU investment managers (including US investment advisers) that, among other activities, manage alternative investment funds ("AIFs") and/or market AIFs to investors within the EU.

Each EU Member State was given until July 22, 2013 (the "Transposition Deadline") to implement the AIFMD into national law.

In addition, a one-year transition period under the AIFMD enabled non-EU AIF managers, including US investment advisers ("AIFMs") that had marketed AIFs to EU investors prior to the Transposition Deadline to continue such activities under the pre-AIFMD regime in certain jurisdictions until July 21, 2014. AIFMs with aggregate assets under management of: (i) €500 million (provided their AIFs are not leveraged and investors therein have no redemption rights in the first five years following their investment) or (ii) €100 million (if their AIFs use leverage) are subject to reduced requirements with respect to the marketing of AIFs to EU investors.

This alert is intended to help non-EU AIFMs determine whether they are subject to the AIFMD and to provide such managers with an overview of their regulatory and compliance responsibilities after July 21, 2014.

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