Since the inception of the E.U.’s Alternative Investment Fund Managers Directive (AIFMD) almost a decade ago, U.S. alternative investment fund managers (AIFMs) and others outside the European Economic Area (EEA) seeking to market to investors and manage alternative investment funds in Europe have become quite familiar with the disclosure and reporting requirements imposed by the directive. Nonetheless, those regulatory requirements are constantly evolving, as is the rate of adoption by countries in Europe and their relationship with the E.U. (e.g., Brexit). Although the regulatory requirements may appear complex and a barrier to marketing and managing funds in Europe, the hurdles may not be so difficult to clear. To assist non‑EEA AIFMs, Arnold & Porter recently hosted a webinar featuring partner Simon Firth, as well as Michael Chambers, head of prudential at Wheelhouse Advisors. This first article in a two-part series considers the operative requirements and obligations associated with marketing under AIFMD, as well as the lighter regime available to small AIFMs. The second article will detail some non-AIFMD marketing options, as well as other regulatory considerations triggered by operating in the E.U. For additional commentary from Arnold & Porter, see our two-part series: “First Steps Managers Should Take When Responding to a Ransomware Attack” (Dec. 14, 2021); and “Necessary Precautions, Compliance Considerations and Ancillary Risks to Mitigate From a Ransomware Attack” (Dec. 21, 2021).