PRIVATE INVESTMENT FUNDS GROUP ALERT: The AIFM Directive and its Impact on U.S. Fund Managers Marketing in the European Union

During the last several years, managers of private funds based in the United States have been forced to address significantly increased regulation on the heels of the global financial crisis. In particular, changes implemented by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and the Securities and Exchange Commission (SEC) through its rulemaking authority now require many private fund managers to register as investment advisers with the SEC.