Many non-EU fund managers still view the impacts of the Alternative Investment Fund Managers Directive on their business with suspicion. The rules had to be transposed into national law by July 22, 2013, a deadline the majority of EU Member States met. In return for more regulation, authorized Alternative Investment Fund Managers benefit from a passport enabling them to offer their management services and to market their alternative investment funds, which are typically hedge funds, private equity funds or real estate funds, throughout the EU. This privilege has not yet been offered to non-EU managers but may soon become a reality.

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