Second FSA consultation paper on transposing the AIFMD

On 19 March 2013, the FSA (now the FCA) published its second consultation paper on transposing the Alternative Investment Fund Managers Directive (AIFMD) into UK law (CP2). While the FSA has not been able to cover all the items it said it would in the first consultation paper, CP2 does offer some more guidance, which firms will find useful in getting AIFMD ready. Some of the key points are:

  • Additional guidance on what an Alternative Investment Fund (AIF) is, what is likely to be excluded and how you determine whether your funds are caught or not. If you do not read anything else, read the draft handbook text for the PERG sourcebook.
  • Helpful Q&As on joint ventures, REITs, co-investment vehicles, carry vehicles, defined investment policies and much more.
  • Details on how marketing under the AIFMD will interact with the financial promotion regime, including a statement that communications on the basis of draft documents will not be considered by the FCA as marketing under the AIFMD.
  • Additional measures on how other FCA rules will apply to alternative investment fund managers (AIFMs) and depositaries and the fees applicable to firms…

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