The Alternative Investment Fund Managers Directive (AIFMD) creates a single pan-European Economic Area (EEA) regulatory framework for the managers (Managers) of alternative investment funds. This overview considers the potential availability of the pan-EEA AIFMD passport (AIFMD passport) in the post-Brexit world for both UK and non-EEA AIFs and Managers currently operating from the UK.
Unless the UK becomes a member of the EEA along the lines of Norway or otherwise retains access to the single market, post-Brexit UK Managers will likely find themselves in a similar position to non-EEA Managers. The AIFMD does however, contemplate granting non-EEA Managers the right to use the AIFMD passport to market their funds provided that their home jurisdiction is deemed AIFMD equivalent. Depending on the ultimate timing and terms of Brexit, UK Managers may therefore find themselves able to use the AIFMD passport.