Proposed EU directive affecting Australian and Asian fund managers

In brief: Significant amendments to a proposed European Union Directive on Alternative Investment Fund Managers will have a major impact on Australian- and Asian-based funds and fund managers. Partner Robert Clarke, senior associate Marc Kemp and lawyer Elizabeth Lee report.

Robert Clarke, Marc Kemp and Elizabeth Lee, Allens Arthur Robinson

How does it affect you?

The Directive on Alternative Investment Fund Managers (the directive) applies to the marketing of alternative investment funds (AIFs) in European Union member states by (or on behalf of) alternative investment fund managers (AIFMs) established outside the EU. The directive also extends to AIFs that are internally managed. The directive defines AIF to mean any collective investment undertaking which: