Designed to establish a harmonised regime across the EU for various forms of alternative investment fund (AIF) management, including hedge funds, fund of funds and private equity, the Alternative Investment Fund Managers Directive (AIFMD) is scheduled to come into effect on 22 July 2013. AIFMD will certainly impact responsibilities, liabilities and risk for EU AIF managers and their prime brokers, depositaries, administrators, and custodians, but with the right approach, implementing its provisions need not be as disruptive as some fear.
