• European Union’s Alternative Investment Fund Managers Directive -- Equally Burdensome to EU and Non-EU Fund Managers
  • November 30, 2010 | Author: Gail C. Saracco
  • Law Firm: Greenberg Traurig, LLP - Chicago Office
  • The European Parliament approved the long-awaited Alternative Investment Fund Managers Directive (the “AIFM Directive” or the “Directive”) on November 11, 2010. The good news for non-EU fund managers is that the AIFM Directive allows non-EU fund managers the same rights of access as EU fund managers to the European Union markets via a “passport” system. The bad news is that the AIFM Directive imposes a high regulatory burden on all fund managers managing or marketing funds within the European Union. The new regulatory scheme will be phased in over time with most rules becoming effective in early 2013. The passport system for non-EU fund managers will not be implemented until 2015 or later.