On 13 May 2013, HM Treasury published the response to its further consultation on the transposition into UK law of the Alternative Investment Fund Managers Directive. Published with the response were the amended regulations, representing the near-final draft form of the regulations as the Treasury plans to implement them.

The directive, due to be transposed into national law by 22 July 2013, aims to introduce an EU-wide framework for the regulation of Alternative Investment Fund Managers and their funds. This will include "many different types of asset manager, including managers of hedge funds, private equity funds, retail investment funds, investment companies, and real estate funds as well as common investment funds and common deposit funds".