The Alternative Investment Fund Managers Directive — Questions and Answers

Summary:  After over eighteen months of wrangling, the EU’s Alternative Investment Fund Managers Directive (the “Directive”) was finally passed in November 2010. The Directive affects managers and promoters of alternative investment funds, including hedge, private equity and real estate funds, and its reach extends to managers and advisers based outside as well as inside the EU. Now that the dust has settled and the alternative funds industry looks forward to detailed rule-making in 2011, this Client Alert considers the impact of the Directive on both EU and non-EU managers and advisers and fund promoters through a Q&A guide.