EU AIFM Directive
Fund managers managing assets less than €100 million – or €500 million where the funds managed are unleveraged and cannot be redeemed within the first five years of investment ― can be exempted from some of the Directive’s provisions. However, fund managers exempted from the Directive will not be entitled to EU passport status.
Fund managers operating under the scope of the Directive will be required to have their registered office and their head office in the same EU Member State.
Third country funds seeking access to the EU market after the Directive comes into force will have to be domiciled in a jurisdiction which has a qualifying cooperation agreement with the EU regulatory authorities, not be on the Non-Cooperative Countries list of the Financial Action Task Force and have a tax treaty with a EU country.