CLLS has written to Treasury and FCA expressing great concern at FCA's statement that any alternative investment fund manager (AIFM) not authorised by 22 July 2014 will have to cease business. CLLS says the AIFM Directive (AIFMD) does not require this. Instead, it states that applications must have been made by that date, and moreover does not state that firms that do not apply in time will have to cease business. CLLS says the UK would be gold-plating the AIFMD in an unacceptable manner if it continues its current stance, and will put the UK at a disadvantage to many other Member States, which do not share its view. (Source: CLLS Worried About AIFMD Timing)