As of today, 22 July 2013, the regime of the Alternative Investment Fund Managers Directive ("AIFMD") applies in the Netherlands. The AIFMD introduces harmonized requirements for managers of a wide variety of investment institutions that do not constitute undertakings for collective investment in transferrable securities ("UCITS"), and which are marketed to professional investors in the EU. These include private equity funds, hedge funds and real estate funds. Dutch national law provides for additional rules on marketing to retail investors. The AIFMD not only regulates the marketing but also the management of AIFs.