An article titled "Application of the AIFMD to Non-EU Alternative Investment Fund Managers" by Shearman & Sterling counsel John Adams (London-Investment Funds) and associates Christian Gloger (New York-Investment Funds) and Christine Ballantyne-Drewe (London-Investment Funds) was published in The Hedge Fund Law Report on May 23, 2013 (Part One) and June 13, 2013 (Part Two).
This article is designed to help non-EU private fund managers understand the steps they must take to prepare for effectiveness of the European Union’s Alternative Investment Fund Managers Directive. Part One of the article provides an overview of what is widely referred to as the Directive’s “Stage I.” During Stage I, non-EU managers will not be fully authorized under the Directive, but nonetheless can be subject to many parts of the Directive as a result of their activities touching the EU. Part Two of the article looks ahead to “Stages II and III,” which are due to come into effect in 2015 or later. Those later stages contemplate a transition to full authorization under the Directive by all fund managers that are subject to the Directive’s jurisdiction.