The alternative investment fund managers directive (AIFMD) is a complex and, in places, ambiguous and contradictory piece of legislation.  Four full years after being published in the Official Journal of the European Union and two years after coming into effect, aspects of AIFMD continue to be misunderstood by the asset management industry and its service providers.  In a guest article, Akin Gump partner Christopher Leonard examines the extent to which non-E.U. fund managers must comply with the capital and insurance requirements of AIFMD.  For additional insight from Akin Gump, see “Structuring Private Funds to Profit from the Oil Price Decline: Due Diligence, Liquidity Management and Investment Options,” Hedge Fund Law Report, Vol. 8, No. 11 (Mar. 19, 2015); “Akin Gump Partners Discuss Non-U.S. Enforcement, Insider Trading in Futures, Failure to Supervise Charges and Other Evolving Insider Trading Challenges for Hedge Fund Managers,” Hedge Fund Law Report, Vol. 6, No. 45 (Nov. 21, 2013); and “Akin Gump Partners Present Overview of Recent Developments in Fund Taxation, Fund Manager Transactions and Hedge and Private Equity Fund Investment Terms,” Hedge Fund Law Report, Vol. 6, No. 48 (Dec. 19, 2013).