UK FSA and Treasury quiz fund groups over AIFMD implementation

The UK Financial Services Authority (FSA) has contacted UK fund groups in a bid to ensure “minimal disruption” when the Alternative Investment Fund Managers Directive (AIFMD) comes into force in July.

The UK regulator has issued a survey seeking to better understand the potential number, nature and timing of applications it will receive from UK groups in the run-up to AIFMD implementation.

In line with AIFMD requirements, UK groups that manage Alternative Investment Funds (AIFs) have until 22 July 2013 to apply for authorisation or registration from FSA successor the Financial Conduct Authority.

The FSA said it has a particular focus on those who may require full scope authorisation well in advance of the official deadline, though the survey will not be part of the official application process.

“We particularly seek responses from firms who a) carry out management activities in the EEA [European Economic Area], and/ or b) market their AIFs in the EEA, and intend to continue these activities beyond 22 July 2013 and seek a passport to do so,” the regulator said.

“We anticipate that the population of firms that will require FCA permission to carry out the new ‘Managing an AIF’ activity will include firms that are currently authorised under the Financial Services and Markets Act 2000 (FSMA) as well as a small number of firms that are not currently authorised under FSMA.”


This article was first published on Investment Week

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