FSA consults on implementing the AIFMD: another step, but still more to come…

The FSA published the first of two consultation papers yesterday, setting out how the Alternative Investment Fund Managers Directive (AIFMD) will be implemented in the UK. The second consultation paper is expected in February 2013. This paper follows the FSA’s discussion paper in January.

The scope of the consultation is limited because the European Commission’s level 2 implementing measures have still not been published. These are expected to be published this month.

The FSA is consulting on what it expects the level 2 measures to say, based on ESMA’s technical advice and not on the Commission’s draft regulation leaked in April. The FSA will not be consulting on the level 2 measures when they are published as they will be directly applicable to firms…

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