Ireland, which is already Europe`s leading home for hedge funds, is expected to see significantly stronger growth in the sector in the coming years as international investment managers strive to use the new pan-European passport that will be available for hedge funds under AIFMD. The idea of concluding agreements which, in accordance with the above, allow European supervisory authorities to carry out inspections at their premises outside Europe may induce some asset managers. However, the explanatory statement of the regulation makes it clear that the right to carry out visual checks should provide for the possibility of inviting the local supervisory authority of a third country to carry out on-site checks and, where authorisation is obtained from the supervisory authority of a third country, the possibility for the competent authority to carry out the inspection itself or to accompany the staff of the local supervisory authority during a local control authority. With respect to point (b) above, the identification, management, supervisory and advertising obligations are considered to be met only if: the manager states in his preamble (1) that the alternative investment funds covered by the directive can be managed externally or internally and that AEFs that do not appoint an external manager will themselves constitute the manager. Alternative FUNDS, for example structured as self-sustaining investment firms, generally fall into this category. The manager specifically deals with the right of managers to delegate their duties under the applicable conditions2. However, the manager was established as a principles-based framework document as part of the Lamfalussy process, so that, once implemented, most of the details were designated as Level 2 measures. The final text of the Level 2 (Level 2) measures of the Alternative Investment Fund Managers Directive (2011/61/EU Directive) (2011/61/EU Directive) (2011/61/EU Directive) (AIFMD), approved and published by the European Commission on 19 December 2012, explains the specific conditions for the delegation or sub-delegation of investment management functions under this legislation.