While the majority of the attention regarding the impact of the AIFMD has focused on AIFMs based in the EU, the Directive also applies to non-EU AIFMs to the extent they are managing or marketing alternative investment funds in the EU (regardless of whether the funds originated inside or outside the EU). Accordingly, there are a number of important issues around operations, Information Technology, marketing and regulatory compliance that in-scope non-EU firms will need to consider.
- How to best address tax/local laws, issues and costs?
- How to handle delegation to US or third country entities?
- Costs of compliance?
- Use of local private placement regimes?