Why are we issuing this consultation paper?
This is our second consultation on rules and guidance to transpose the AIFMD. We originally intended it to cover all the issues set out in Annex 6 of our first Consultation Paper (November 2012). But continuing European transposition work on the AIFMD, and the FSA changing on 1 April, means we cannot cover them all in this paper. Despite this, we continue to work with the Treasury to ensure full transposition by 22 July 2013.
Who is this CP aimed at?
Like our first paper, this will interest investors (both retail and professional), fund managers (including UCITS management companies), depositaries, MiFID firms and non-UK 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.
AIFMD is mainly directed at firms offering asset management services to professional investors. Many of these firms do not promote their products or services to consumers more generally. But since one of AIFMDs main objectives is to achieve an appropriate level of investor protection for retail, professional and institutional investors, our proposals may be of wider interest to consumers.
Consultation paper
What are the next steps?
If you want to respond to the consultation, please send us your comments by 10 May 2013.
We propose to issue a full Policy Statement in June, but we intend to confirm some of our final policy positions before then to give affected firms as much time as possible to continue their AIFMD preparation. We expect these earlier statements to cover whether we will receive potential AIFM authorisation applications and variations of permission before 22 July 2013. They may also include our final decisions in relation to the prudential rules for AIFMD’s and the requirements for AIF depositaries.
Want to find out more?
For more information:
- read our first consultation, FSA CP12/32: Implementation of the Alternative Investment Fund Managers Directive Part 1[3] - November 2012;
- see the Treasury's consultation papers[4];
- look at the FCA Handbook[5]
- find out more on the Alternative Investment Fund Managers Directive (AIFMD)