Key Points for Hong Kong and Other Asian Hedge Fund Managers About AIFMD
Rolfe Hayden and Maureen Gleeson
Simmons & Simmons
The European Directive on Alternative Investment Fund Managers (AIFMD)1 came into force on 21 July 2011. It is now required to be implemented into the national laws of the 27 Member States of the European Union (EU) and the 3 additional European Economic Area (EEA) states (Norway, Iceland and Liechtenstein) by 22 July 2013. The European Commission published on 19 December 2012 a delegated regulation2, supplementing AIFMD, which sets out further detail around certain provisions in AIFMD (Level 2 Regulation) which is directly applicable in the Member States without the need for implementation. AIFMD has significant implications for hedge fund managers based not only within but also outside the EU, not least hedge fund managers in Hong Kong and other Asian jurisdictions who wish to market “Alternative Investment Funds” (AIF), such as Cayman Islands funds, within the EU.