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Bailey McCann, Opalesque New York: On July 22 of this year, the Alternative Investment Fund Managers Directive (AIFMD) will come into force in the EU and will have implications for funds based there or funds marketed there. Because the directive also deals with fund marketing, the AIFMD can have implications for fund managers based outside of the eurozone that wish to sell to European investors. As Opalesque has previously reported, some key domiciles like the Caymans have set up agreements to ensure that their funds can be marketed within the eurozone.

According to an alert from law firm Sadis & Goldberg, there may be more that funds should consider. "Investment advisers must comply with the first phase of the Directive by July 22, 2013 or carefully understand the nuances of the relevant exemptions in order to remain outside of the scope of the Directive," attorneys write. No matter which option a given firm chooses, they will likely have to file some kind of documentation to notify regulators.

Funds have several options when approaching the AIFMD in terms of how to comply or declare exemptions. If they choose to continue marketing and offering funds in the EU they will need to undertake a review of their marketing materials, reporting mechanisms and disclosures to ensure they fa......................

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