EU AIFM Directive
From June 2013 and forth the Alternative Investment Fund Manager (AIFM) Directive comes into force.
As of 2013, EU-based alternative fund managers can apply for an EU passport, allowing the marketing of their services and the funds they advise in each of the 27 member countries of the EU. For non-EU managers and non-EU funds, passports will become available in 2015.
Until 2015, for EU managers marketing non-EU funds and non-EU Managers marketing an EU or a non-EU fund to EU persons, national private placement rules will continue to apply. Up to 2018 both national private placement and the Directive rules will apply, within a “dual system”, in respect of third country entities.