Published: 2nd August 2013

The AIFMD came into force on 22 July. It would seem that most AIFMs are taking advantage of the one year transitional period, or there is a backlog at the FCA, as the AIFMD Register maintained by the FCA shows, at the time of this article, a total of three firms with permission to manage an AIF.

On a related note, HMRC has issued a consultation document concerning offshore funds that are managed from within the UK. The intention is to extend legislation so that e.g. a Cayman based AIF which now has a UK AIFM will not be regarded as UK resident and will remain ‘offshore’ for tax purposes.

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