International law firm Herberth Smith announced the publication of their AIFM Manual. The Manual is a detailed and comprehensive guide to the key areas of the Directive. They have deciphered the somewhat complex provisions to explain from a commercial position how and when the Directive will impact your business.|
This Manual is divided into two sections. The first section examines the impact of the AIFM Directive in practical terms through case studies covering various common listed and private fund arrangements and strategies. The case studies are analysed from the perspective of managers (both within, and outside, the EU), although they should be of interest to all those involved in the asset management industry. The second section comprises a reference guide to each of the key sections of the AIFM Directive.
All non-UCITS alternative fund managers established in the EU (save for some limited exemptions) will fall within the Directive's scope, notwithstanding the fact that the funds they manage may be based outside the EU and marketed to non-EU investors. Non-EU managers of non-EU funds will need to be mindful (when considering the marketing of their products within the EU) of potentially falling within the Directive's scope and, in particular, of the intended introduction of an EU- wide passport and expected gradual removal of the private placement regime.
To access the Manual, click here.