CLLS has responded to the (then) FSA consultation on the Alternative Investment Funds Managers Directive (AIFMD) implementation. It comments on a number of aspects of the proposed FCA rules and guidance, including:

  • noting its concern about the Commission's stance on the use of a MiFID passport by managers (see FReD 14 June);
  • highlighting potential confusion over how the UK may extend the AIFMD definition of "marketing" and the potential effects of the UK interpretation and regime on how UK firms can market into other Member States;
  • noting several further concerns over the interpretation (both by Treasury and FSA/FCA) of key elements of the marketing provisions and identifying proposals which it thinks are unduly restrictive;
  • setting out several further concerns over the lack of clear guidance from ESMA and FCA on the scope of the AIFMD and key definitions, especially the definition of "Alternative Investment Fund" in the context of "capital raising" and "internal investors"; and
  • disagreeing with a suggestion in question 2.59, the effect of which would be that certain firms currently authorised to operate collective investment schemes but exempt from MiFID would, after AIFMD implementation, require authorisation for the MiFID activity of managing investments.

(Source: CLLS Responds on AIFMD)