UK FSA Consultation Paper on AIFMD implementation

14 November, 2012

The FSA today published Consultation Paper CP12/32, the first of two planned FSA consultations on rules and guidance to transpose the requirements of the Alternative Investment Fund Managers Directive (AIFMD) into UK law.

The FSA consultation focuses on the implementation of the AIFMD’s Level 1 requirements, with reference, where applicable, to the expected Commission Level 2 Regulation on AIFMD implementing measures.  Responses on CP12/32 must reach the FSA by 1 February 2013.

In the light of ongoing work at European level by the Commission and ESMA and the effect of this on national timelines, the FSA will consult on Part II of AIFMD implementation in February 2013, following HM Treasury’s second AIFMD consultation expected in January 2013. The FSA expects the consultation period for Part II of their AIFMD consultation to run for about eight weeks.

The regulations transposing the AIFMD into national law must be implemented by 22 July 2013.