The FCA has published its Quarterly Consultation Paper No.8, inviting comments on various proposed amendments to its Handbook.

Some of the proposed changes will impact alternative investment fund managers (AIFMs) and alternative investment funds (AIF) depositaries. These are:

addressing potential risks to its objectives when AIFMs perform certain activities under the exclusion in article 72AA(2) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (where firms with a Part 4A permission to carry  out the activity of “managing an AIF” are not required to hold a separate Part 4A permission to carry on any other regulated activity “in connection with or for the purposes of” managing an AIF);

making non-European Economic Area AIFMs and small registered UK AIFMs subject to the same administrative fee that applies to full-scope UK AIFMs and small authorised UK AIFMs;

clarifying a number of provisions in the Handbook related to the Alternative Investment Fund Managers Directive (AIFMD); and

incorporating some of the AIFMD section of its website within Handbook guidance.

The deadline for comments on the changes to the Investment Funds sourcebook is 5 May 2015.