14 January 2014

HM Treasury update on AIFMD transitional arrangements

Harvey Knight
Partner | UK

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.

Category: Article