The European Union regulation on marketing of alternative investment funds: another step towards integration of the European Union financial market

This article analyses the new European Union (EU) regulation on the marketing of units or shares of EU and non-EU alternative investment funds (AIFs), as amended after the issue of the Alternative Investment Fund Managers Directive (AIFMD). Its aim is to assess whether this legislative initiative will help the process of integration of the EU financial market. To do so, it is necessary to examine the legislative reasons of the Directive as well as its new rules, in particular those regulating the cases of marketing of units or shares of AIFs (both EU and non-EU) on the EU market. This subject is particularly interesting both from a legal and financial point of view, since the Union is an important market for AIFs which are established both in the Member States and in third countries.