IMA’s response to Treasury’s consultation on AIFMD implementation highlights that existing UK AIFMs do not need to be authorised to launch a new AIF after the AIFMD takes effect, as they have a year’s transitional period within which to become authorised under it. It also urges FCA to start accepting applications as early as possible, in order to allow AIFMs to benefit from the marketing passport as soon as possible. The British Venture Capital Association echoed these concerns, and also noted that Treasury appeared to be gold-plating the AIFMD in places, and said it should not do so. IMA welcomed the approach to permitted activities, and wants Treasury to adopt a similar approach under other Directives. (Source: IMA Comments on AIFMD Implementation)