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Beverly Chandler, Opalesque London: Law firm Dechert has published a note on how the European AIFMD regulations will impact on US investment advisers. The note finds that there are four key ways that US investment advisers are affected by AIFMD.

From 22 July 2013, subject to certain transitional arrangements, AIFMD will take effect and in broad terms, it will affect US investment advisers engaged in the following activities, the firm writes:

• Marketing funds in the EEA . AIFMD will change the way that fundraising is regulated throughout the EEA. This will be relevant to virtually all sponsors of AIFs (whether they are open or closed ended, listed or unlisted) which are actively marketed to EEA investors.
• Managing EEA funds . US investment advisers managing EEA domiciled AIFs will need to reassess whether they can continue to do so from this July, and on what terms.
• Sub - advising a fund managed by an EEA AIFM . US investment advisers which sub - advise or provide investment services to an EEA AIFM may be drawn into AIFMD compliance requirements by new rules on delegation applying to the AIFM.
• Delegating to an EEA sub - adviser . Any US fund manager that delegates portfolio or risk management in relation to an AIF to a European entity will need to consider carefully whether it o......................

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