Covington & Burling
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The Alternative Investment Fund Managers Directive (the Directive) aims to create a harmonised European regulatory framework for managers of alternative investment funds (AIF).
The elimination of the exemption from registration under the Investment Advisers Act of 1940, as amended (the Advisers Act), for advisers with fewer than 15 clients resulted in the registration of approximately 1,500 additional investment advisory firms.
Changes to the US Commodity Exchange Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 subjected a large number of fund sponsors, including sponsors of non-US funds with US investors, to the jurisdiction of the US Commodity Futures Trading Commission for the first time.