The European Union’s (EU) Alternative Investment Fund Managers Directive (AIFMD) took effect on July 22, 2013.  It established a comprehensive regime that regulates EU-based funds and fund managers and governs when and how alternative investments may be offered to prospective investors in the EU.  The AIFMD affects hedge funds, private equity funds, investment trusts and most other funds other than mutual funds, which in the EU are governed by the Undertakings for Collective Investment in Transferable Securities Directive.  See “A Practical Guide to AIFMD Reporting for Non-U.S. Fund Managers: Reporting Under AIFMD versus Form PF,” Hedge Fund Law Report, Vol. 6, No. 20 (May 16, 2013).  A recent panel of industry experts discussed how hedge fund managers can market their funds in the EU under the AIFMD.  This article summarizes the key insights from the program.  For an overview of the AIFMD and its impact on U.S. managers, see “Application of the AIFMD to Non-EU Alternative Investment Fund Managers (Part Two of Two),” Hedge Fund Law Report, Vol. 6, No. 24 (Jun. 13, 2013).