Treasury has made a further set of Regulations amending UK law to implement AIFMD. The main Regulations (see FReD 19 July) took effect on 22 July to implement those provisions of AIFMD that apply from 22 July. These amendment Regulations set out the changes that will be needed when AIFMD provisions on:
- authorisation of non-EEA managers of AIFs;
- management and marketing of AIFs by non-EEA managers; and
- marketing of non-EEA AIFs by UK managers take effect. This will not be until the European Commission has made delegated legislation which sets out the framework for this, and sets the date from which the rules will apply. Broadly, these will apply FSMA requirements to non-EEA AIFMs for whom the UK is the "Member State of reference". A further set of amendments will revoke the framework that the UK will apply to these matters until that date. Finally, the instrument makes some minor corrections to the main Regulations.