New European Rules on Marketing in the UK by Non-EEA Alternative Investment Fund Managers: UK Rules Implementing the Alternative Investment Fund Managers Directive and Marketing in the UK by a Non-EEA Manager

Sullivan & Cromwell LLP - August 7, 2013
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The European Alternative Investment Fund Managers Directive (the “AIFMD”) came into force on 22 July 2013. Although initially the AIFMD principally regulates UK and other EEA based alternative investment fund managers, certain of its provisions also apply to non-EEA based alternative investment fund managers that wish to market alternative investment funds in the EEA.

The UK rules implementing the AIFMD, which came into force on 22 July 2013, comprise primary legislation, “The Alternative Investment Fund Managers Regulations 2013” (the “UK Regulations”), together with amendments to the Financial Conduct Authority’s Handbook (including amendments to the Perimeter Guidance Manual, which contains useful guidance on the interpretation and application of the AIFMD in the UK). The UK Regulations also contain certain transitional provisions which, if satisfied, will enable non-EEA managers to market an alternative investment fund in the UK during the transitional period without having to comply with the AIFMD.