HM Treasury Responds to Consultation on Transposing AIFM Directive
On May 13, HM Treasury published its response to its January 2013 consultation on transposing the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive or AIFMD). HM Treasury also published a revised draft version of the Alternative Investment Fund Managers Regulations. The response mainly provides information about HM Treasury's approach to sub-threshold managers and transitional arrangements. Response.
FSA Second Consultation Paper on Implementing AIFM Directive: Consultation Period Ends
On May 10, the consultation period ended for the FSA's second consultation paper on the implementation of the Alternative Investment Funds Managers Directive (2011/61/EU) (AIFM Directive) (CP13/9, also known as CP2). Final rules will not be published until June, but the Financial Conduct Authority is meant to confirm some of its final policy positions before then to give firms marginally more time to factor these positions into their implementation plans. The key policy question is whether the FCA will accept AIFM and depositary authorisation or variation applications before July 22.
AIFM Directive Implementing Regulations Published in OJ
On May 16, the texts of two European Commission Implementing Regulations required under the Alternative Investment Fund Managers Directive (2011/61/EU) (AIFM Directive or AIFMD) were published in the Official Journal of the European Union (OJ). Text One. Text Two.