FSA Issues Discussion Paper on the Implementation of the AIFMD

Monday January 23 2012

Fund Axis would like to draw your attention to the recently issued discussion paper by the Financial Services Authority UK (“FSA”) in relation to the implementation of the AIFMD.

The FSA invites responses from interested parties, particularly those parties who would be defined as Alternative Investment Fund Managers under the AIFMD when implemented under the AIFMD ON 22 July 2013.

The reason the FSA wishes to engage in such a discussion is due to the significant impact on the regulatory framework which the AIFMD will bring about. The AIFMD will change how AIFM’s operate and how they interact with 3^rd party service providers. The AIFMD will also bring about changes to the requirements to the listing rules of the UK.

Responses to the discussion paper are required to be submitted to the FSA by the 23 March 2012. Responses can be submitted via the FSA Online Form amongst other methods – Link below;

FSA Online Response Form to DP12/1

Following the closure of the discussions, the FSA will expect to issue their proposed policy positions and consultation paper in the latter end of 2012. Also following the closure of the response period, the FSA propose to undertake an initial categorisation of Fund Managers to try and establish the likely population of Fund Managers who will fall under the scope of the AIFMD.

Discussion Paper on Implementation of the AIFMD (DP12/1)

The headline items being discussed in the paper include the following;

• Operating Requirements on AIFM’s;
• Management Requirements on AIFM’s;
• Transparency;
• Depositary;
• Marketing; and
• Categories of AIF and Specialised Regimes.

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