The European Union’s (EU) Alternative Investment Fund Managers Directive (AIFMD) established a comprehensive regime to regulate EU-based funds and fund managers, including governing when and how alternative investments may be offered to prospective investors in the EU.  See “Application of the AIFMD to Non-EU Alternative Investment Fund Managers (Part One of Two),” Hedge Fund Law Report, Vol. 6, No. 21 (May 23, 2013).  On July 22, 2014, hedge fund managers who wish to market their funds in the EU must have either received authorization under the AIFMD or taken other steps to assure that they may accept investments from the EU.  A panel of industry experts from Walkers, SEI Investments, PricewaterhouseCoopers and DMS Offshore Investment Services, Ltd. recently discussed those steps, providing practical insight for hedge fund managers who wish to obtain or maintain access to EU capital.  This article summarizes the key points from that discussion.