The July 22 deadline for EU Member States to transpose the Alternative Investment Fund Managers Directive (AIFMD) into national law has arrived. While the competent authorities in the UK and Germany have made significant progress in implementing new regulations to transpose the AIFMD into national law, other EU member states, including France and Italy, are currently consulting regarding the relevant implementation rules. It is unclear whether those Member States will be ready in time.
In the UK, the Financial Conduct Authority (FCA) provided clarity by setting out its response to its November 2012 and March 2013 consultation papers and confirmed the FCA's final rules for implementation of the AIFMD in its June 28 policy statement (PS13/5) (Policy Statement). The rules in the Policy Statement supplement the UK's Alternative Investment Fund Managers Regulations 2013, which were approved by the Delegated Legislation Committee in the UK on July 3.
For further details on the key provisions of the AIFMD and the specific measures implemented by Member States in an effort to transpose the AIFMD into national laws, please click here.