InstructorTerri Hays
TypeOnline Course
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Tuition Options


PracticeEdge Elite™

Standard Tuition $400 US

Senior Fellow Robert Van Grover, JD, Partner, Seward & Kissel

The EU Alternative Investment Fund Managers Directive (AIFMD) is a significant piece of European law, which fundamentally changes the regulatory landscape for alternative funds and their managers. AIFMD was required to be implemented across the EU by July 22, 2013 although many countries are late to implement and many countries have a 1 year transitional period up to July 21, 2014. AIFMD is not just a European issue; it also catches US fund managers looking to market their funds to European investors.

This Course will provide an update on the implementation of AIFMD, with a particular focus on the impact on US fund managers and advisers. We will provide a latest state-of-play overview on which EU jurisdictions have implemented on time, and which have a transitional period.

We will examine closely the marketing requirements under AIFMD as applicable to US managers looking to fund-raise in Europe. We will review the options for limiting marketing to reverse enquiries only, in contrast to the disclosure and transparency rules triggered by active marketing under local private placement regimes and provide an overview on market trends.

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Students shall learn the following within this Course:

  • Overview of AIFMD and key areas for regulation
  • AIFMD implementation – where are we now?
  • Identifying the AIFMD (US groups with EU subsidiaries)
  • Marketing in Europe – reverse enquiry only
  • Marketing in Europe – active marketing and compliance requirements (Article 42 marketing)
  • Article 42 marketing – UK perspective
  • Article 42 marketing – market trends on updating offering documents.

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Senior Fellow from Practice:

  • Robert Van Grover, JD, Partner, Seward & Kissel 

Guest Lecturers:

  • Patricia Poglinco, Partner, Seward & Kissel 
  • Charlotte Stalin, Partner, Simmons & Simmons LLP
  • Devarshi Saksena, Managing Associate, Simmons & Simmons LLP

Accreditation Information

CLE Information

Credit Hours: 2
Subject Area: Professional Practice
States: Contact Curriculum Advisor For More Information

CPE Information

Credit Hours: 3
Subject Area: Accounting
States: Contact Curriculum Advisor For More Information


Course ID Number:  8030


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Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.

Arizona: Does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. RCA programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.

Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.

Missouri: On-demand web programs are restricted to six hours of self-study credit per year. Self-study may not be used to satisfy the ethics requirements. Self-study can not be used for carryover credit.

New Hamphsire: The approval is for three years from recorded date.

New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.

New York: Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.

North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.

Ohio: To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.

Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.

Pennsylvania: PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.

Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.

Tennessee: The approval is for the calendar year in which the live program was presented.

Virginia: All distance learning courses are to be done in an educational setting, free from distractions.

Wisconsin: Ethics credit is not allowed. The ethics portion of the program will be approved for general credit. There is a 10 credit limit for on-demand web programs during every 2-year reporting period. Does not approve of Audio-only On-Demand Webcasts.

Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.

If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.

If applicable, the RCA will apply for credit in your state upon request.