The Financial Services Authority has today published the first of two consultation papers on transposing the requirements of the Alternative Investment Fund Managers Directive into UK law. The FSA’s press release is here and the CP is here.
From the press release:
“This Consultation Paper (CP) is the first of two on rules and guidance to transpose the requirements of the Alternative Investment Fund Managers Directive (AIFMD) into UK law. This means making changes to primary and secondary legislation (which the Treasury will consult on) and to the FSA Handbook.
Why are we issuing this Consultation Paper?
We must implement rules transposing AIFMD by 22 July 2013. We have little scope for discretion in how we do this, but Member States of the EU are allowed some choices. In this paper, we propose to address:
•the prudential regime for all types of alternative investment fund manager (AIFM);
•the regime for depositaries; and
•the Level 1 Directive requirements on AIFMs.
The prudential regime for AIFMs and the regime for depositaries are the areas covered in this (first) CP where we have to make choices about the best way to implement the Directive.
This paper also gives feedback on some of the implementation questions we raised in DP12/1. We have taken this feedback into account when developing our implementation approach, so we will not be publishing a separate Feedback Statement to DP12/1.
Who is this CP aimed at?
This paper will interest investors (both retail and professional), fund managers (including UCITS management companies), depositaries, MiFID firms and non-EEA fund managers wishing to market and/or manage EEA or non-EEA funds in the UK, or elsewhere in the EEA.
It concerns investment companies not currently subject to FSMA authorisation and is important to service providers to the fund management industry, such as valuers, administrators and outsourcing specialists.
It will also interest representative trade bodies, business advisers and consultants, and other advisers involved, serving in or linked to the fund management industry in the UK.”
The consultation closes on 1 February 2013. The FSA intends to publish a second consultation paper in February 2013 and a Policy Statement, relating to both parts of the consultation, in June 2013.