Currently, U.S. and other non-European managers wishing to market alternative investment funds (AIFs) in Europe may only do so by way of any available national private placement regime or otherwise by “reverse enquiry” at the initiative of the relevant investor (subject to local rules).  By the end of July 2015, the European Securities and Markets Authority has to provide advice to the European Commission as to whether the “marketing passport” under the Alternative Investment Fund Managers Directive, currently available only to European Economic Area (EEA) alternative investment fund managers of EEA AIFs, should be extended.  In a guest article, Simon Whiteside, a partner at Simmons & Simmons LLP, examines what would be the consequences for U.S. and other non-European fund managers were the passport to become available to them, and also looks at what other options they would have for marketing AIFs throughout the EEA.  For additional insight from Whiteside, see “Answers to Questions Most Frequently Asked by U.S. and Other Non-E.U. Managers on the Impact and Implementation of the AIFMD,” Hedge Fund Law Report, Vol. 8, No. 1 (Jan. 8, 2015); “Simmons & Simmons, PwC and Advise Technologies Share Lessons Learned from January 2015 Annex IV Filings (Part One of Two),” Hedge Fund Law Report, Vol. 8, No. 7 (Feb. 19, 2015); and Part Two of Two, Vol. 8, No. 8 (Feb. 26, 2015).  For insight from Simmons & Simmons more generally, see “Structures and Characteristics of Alternative Investment Funds,” Hedge Fund Law Report, Vol. 8, No. 10 (Mar. 12, 2015).