Investment Management Update — 4 July 2014: FCA Handbook Notice 13; ESMA updates Q&As on AIFMD; and more

FCA Handbook Notice 13 — implications for AIFMS
The Financial Conduct Authority (FCA) has published Handbook Notice 13, which among other things gives feedback and makes new rules in response to CP14/4, which proposed changes that will affect alternative investment fund managers (AIFMs).

In particular, the Alternative Investment Fund Managers Directive (AIFMD) and Undertakings for Collective Investment in Transferable Securities Directive (Miscellaneous Amendments) Instrument 2014 comes into force on 21 December 2014 for amendments relating to the AIFMD and on 1 July 2014 for the remainder of the instrument. In summary, it makes various minor amendments to the FCA Handbook to bring it in line with the AIFMD and Directive 2013/14/EU, which is part of the EU legislative package for regulating credit-rating agencies requiring new risk management processes for AIFMs (and UCITS managers) that prohibit mechanistic reliance on credit ratings.

The feedback is set out in Chapter 3 of the Handbook Notice and covers the following…

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