Following the circulation of guidance in the form of questions and answers on the implementation of the Alternative Investment Fund Manager’s Directive (“AIFMD”) in the United Kingdom, Her Majesty’s Treasury confirmed through amendments to the draft Financial Services and Markets (AIFMD) Regulations 2013 that the transitional provisions which apply to UK managers (“AIFMs”) will also apply to non-UK AIFMs who market alternative investment funds (“AIFs”). The amendments have the effect that any AIFM who immediately before July 22, 2013 manages an AIF or, in the case of a non-European AIFM, markets an AIF in an EEA State will not be required to comply with the AIFMD until, in the case of a European AIFM, the UK Financial Conduct Authority (FCA) authorizes the AIFM or, in the case of a non-European AIFM, it notifies the FCA. In either case, the authorization or notification will need to take place before July 22, 2014. Therefore, a US adviser marketing a private fund or other non-UCITS vehicle (such as a US registered investment company) in the UK prior to July 22, 2013 will have to comply with the UK financial promotion regime and limit its marketing to investment professionals or other eligible investors. However, it will not have to comply with the AIFMD disclosure or notification requirements until the applicable authorization or notification as described above.
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United Kingdom’s Treasury proposes amendments to the draft regulations for the implementation of the Alternative Investment Fund Managers Directive
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