Treasury has made the final version of the Alternative Investment Fund (AIF) Managers Regulations 2013 (AIFM Regulations). The AIFM Regulations implement the AIFM Directive (AIFMD) and take effect from 22 July. They cover many aspects of the AIFMD, including:

  • definitions (including those of AIF, AIFMD and of managing an AIF);
  • authorisation requirements for full-scope UK AIFMs;
  • registration of small UK AIFMs;
  • operating conditions for external valuers, full scope UK AIFMs and depositaries;
  • requirements on AIFs that acquire control of non-listed companies and issuers;
  • marketing of AIFs (including the national private placement regime);
  • powers and duties of FCA;
  • application of procedural parts of the Financial Services and Markets Act 2000 and its application to unauthorised AIFMs; and
  • transitional provisions.

The contents of the AIFM Regulations have been widely consulted on and published in draft before now. Treasury has also published a transposition note, showing how the UK has implemented the AIFMD. (Source: AIFM Regulations and Transposition Guide)