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7SamanthaLakeCoghlanisapartnerintheLondonoceofGoodwinProcterandcanbereachedat4402074474203orslakecoghlangoodwinprocter.com.GlynnBarwickisacounselintheLondonoceofGoodwinProcterandcanbereachedat4402074474226orgbarwickgoodwinprocter.com.SecondtheUKtakestheviewthatafundismarketedonlywhenaspecicoerthatiscapableofacceptanceismadetoaninvestor.OnthisbasissoftmarketingsuchaspresentingdraftdocumentationthatisstillsubjecttonegotiationorapitchbookisnotmarketingforthepurposeoftheAIFMDandallowsamanagertotestthewatersinacountrybeforetakingthenalstepsrequiredbytheAIFMD.ThisinterpretationisspecicfortheUKalthoughothercountriesmayfollowsuit.WherethereisnomarketingintheEEAtheAIFMDwillnotapply.ThismeansthatfundswhichareclosedtonewinvestorsforexamplewillnotfallwithintheAIFMDevenwheretheyhaveEuropeaninvestors.HowDoesaManagerMarketItsFundWheresharesorunitsinafundaremarketedintheEEAamanagermustdothreethingsunderAIFMD1.Makecertainpre-investmentdisclosurestoinvestors.MostofthesewillnotbecontroversialandlikelyalreadyexistinproperlypreparedprivateplacementmemorandaPPMs.FundsthatdonothavePPMsmayneedtoprepareaseparateAIFMDdisclosurestatement.Oneofthecontroversialpre-investmentdisclosurerequirementsisthedescriptiontoinvestorsofhowotherinvestorsmayreceivepreferentialtreatmentundersideletters.2.Insomecountriesregistereachfundwiththeapplicablecountrysregulator.TheAIFMDdoesnotmandatestatestorequirethispre-marketingregistrationandonlytheUKandGermanyhaveintro-ducedapre-registrationregime.Theburdenofpre-registrationisnottheadministrationandcostofdoingsoalthoughtheseshouldnotbeunderesti-matedbuttheinabilityofthemanagertomarketandthereforeclosethetransactionuntilregistrationhasbeenmadeandapprovalgrantedbythelocalauthority.3.Providepost-investmentdisclosuretoinvestorsandtothelocalauthoritiesineachcountrywherethefundhasbeenmarketed.Mostoftheinforma-tionthatmustbedisclosedislikelyalreadydisclosedtoinvestorsalthoughtheremaybesomesensitivitytodisclosinggeneralinformationregardingremuner-ationofthemanagersemployeesandocers.Thisdisclosureisquitesimilartothatrequiredundertherulesapplicabletopublicly-listedcompanies.WhenisAIFMDEectiveTheimplementationdateofAIFMDisociallyJuly222013ImplementationDate.HowevertheAIFMDprovidesforatransitionalperiodofoneyearto2014formanagerswhoareperformingactivitiesundertheAIFMDasoftheImplementationDate.ThistransitionalexemptionappliestofundsthatthemanagermanagesontheImplementa-tionDateandalsotoanynewfundsthatthemanagerestablishesbeforeJuly222014.Forafundtotakeadvan-tageofthetransitionrulesitiscrucialasdiscussedabovetoidentifycorrectlythemanagerofeachfundontheImplementationDate.Forexamplewhereamanageristhegeneralpartnerofapartnershipandthepracticeistocreateanewgeneralpartnershipforeachnewfundthetransi-tionalprovisionwillnotbeusefulforfundsestablishedaftertheImplementationDatesincethenewGPwillnothavebeenmanagingasoftheImplementationDate.ItisalsonotyetclearwhetherallmemberstatesofEEAwillimplementthistransitionalprovisionfornon-Europeanmanagers.AlthoughtheUKandGermanyhavesaidthattheywillothercountrieshavenotyetcommitted.ConclusionTheAIFMDwillhavesignicantconsequencesforamanagerwhowishestoobtainaccesstoEuropeaninves-tors.Therearestepshoweverthatmaybetakenbyamanagertoreduceitsburdenunderthisnewlaw.Onestrategyistocreateahybridmarketingstrategythatrequiresdierentactionsindierentcountriesagreeonregistrationinsomecountriestakeadvantageofreversesolicitationinothercountriesandtestthewatersthroughsoftmarketingintherest.Likeanystrategythehybridstrategydependsonthefactsapplicabletoaspecicmanagerandrequirescarefulconsideration.nREsourceSummer2013