An early gift from the Treasury and the results of our AIFMD Readiness Survey

December 23, 2013

Following implementation of the Alternative Investment Fund Managers Directive (AIFMD or the Directive) into UK law in July 2013, the UK Financial Conduct Authority (FCA) advised UK firms in August 2013 to apply for authorisation or variation of permission (VoP) by no later than 22 January 2014.

This date was earlier than the expectation raised by the text of the Directive itself, and led to the concern that AIFMs not authorised as such by 22 July 2014 may have to stop operating. In response to the concerns raised, the Treasury announced last week that it intends to amend the AIFMD implementing regulations to make clear that, if a transitional AIFM’s application is submitted without time for the FCA to determine it by 22 July, the AIFM will be able to continue managing AIFs until the FCA has determined the application. In practice, this will allow transitional firms more breathing space to prepare their applications. The Treasury announcement reminds firms that the long-stop date for submission to the FCA and compliance with relevant AIFMD requirements remains 22 July 2014.

On 28 November, we devoted the 14th instalment in our series of AIFMD breakfast seminars to considering 20 questions that UK managers preparing for AIFMD authorisation need to resolve over the coming weeks (by no means an exhaustive list!). In relation to each question, we asked the assembled audience of around 150 managers and other industry professionals to rate their level of “readiness” on each point. This update includes the results of that preparedness survey, along with a summary of the commentary on each point discussed at the event.

Read "An early gift from the Treasury and the results of our AIFMD Readiness Survey".