UK:
HM Treasury Update On AIFMD Transitional Arrangements
16 January 2014
Withers LLP
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Following concerns raised by stakeholders in relation to the
FCA's proposed deadline of 22 January 2014, HM Treasury is
intending to amend the Alternative Investment Fund Managers
Regulations 2013 to provide that, if a transitional alternative
investment fund manager's (AIFM) application for authorisation
or registration is submitted without sufficient time for the FCA to
determine the application by 22 July 2014 (the end of the
transitional period of one year from when the AIFMD came into
force), an AIFM will be able to continue managing alternative
investment funds (AIFs) until the FCA has determined the
application.
HM Treasury has confirms that the requirement to submit an
application before 22 July 2014 will remain in place and all AIFMs
will, in any event, be required to comply with all relevant AIFMD
requirements from 22 July 2014, even if their application has not
yet been determined.
HM Treasury intends to make an amending statutory instrument to
this effect in early 2014 but in the meantime, all transitional
AIFMs are encouraged to make their applications for authorisation
or registration as soon as possible.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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