Published: 16th July 2014

As mentioned in Regulatory Roundup 55 the AIFMD transitional period ends 21 July 2014 and after that date Alternative Investment Fund Managers should either be authorised under the AIFMD or have already submitted an authorisation application. Firms falling in the latter category must comply with all relevant AIFMD requirements after that date notwithstanding the fact that there applications may not have been determined.

One particular requirement under the UK AIFMD Regulations 2013 (Regulation 50) is that a full-scope UK AIFM is not permitted to market an AIF in the UK unless it has received approval from the FCA (where a UK or EEA AIF) or notified the FCA (where a non-EEA AIF or where it is a UK AIF/EEA AIF but is a feeder fund, the master fund of which is either managed by a non-EEA AIFM or the feeder itself is non-EEA). The former is in keeping with AIFMD requirements whereas the latter represents marketing under the national private placement regime (‘NPPR’). For the record there are similar requirements for full-scope EEA and third country AIFMs in Regulation 50.

This will probably have been addressed as part of the AIFMD authorisation process but, of course, any AIFs that may be launched following authorisation will not have been included. Firms should therefore ensure that they are compliant with Regulation 50 and that their operational procedures capture these requirements where relevant.

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