FMLC has published a paper looking at the legal uncertainties arising from FSA’s proposals for the transitional period and depositaries under the Alternative Investment Fund Managers Directive (AIFMD). The paper, based on FSA’s first consultation paper on AIFMD implementation, says FSA has left too much uncertainty over authorisation and variation of permission of managers during the transitional period the AIFMD grants. Specifically, managers must know whether they can market funds in the UK or launch new funds during the period. On depositaries, FMLC wants FSA to give guidance on liabilities, the circumstances in which depositaries can be appointed and their scope for accepting new clients during the transitional period. It also calls for greater clarity on marketing in the transitional period. (Source: FMLC Writes on AIFMD Difficulties)