September 1, 2014

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UK Extends Alternative Investment Fund Managers (AIFMD) Transitional to Non-European Economic Area (EEA) Fund Managers

On April 29, HM Treasury issued a Question and Answer publication which stated its intention to extend the transition period of the Alternative Investment Fund Managers Directive (AIFMD) to existing third-country Alternative Investment Fund Managers (AIFMs) and existing non-UK European Economic Area (EEA) AIFMs.

Third-country (i.e., non-EEA) and non-UK EEA AIFMs will now be able to market their funds in the United Kingdom under the United Kingdom’s existing private placement regime until July 22, 2014. If HM Treasury had not extended the transitional period these AIFMs would have had to market their funds in accordance with the AIFMD as of July 22, 2013 (unless the AIFM qualifies for an exemption).

Unless other European states follow the United Kingdom’s lead in extending the transitional period, any AIFMs that market into these jurisdictions will need to ensure their marketing activities comply with the AIFMD by July 22, 2013.

The Questions and Answers are available here.

©2014 Katten Muchin Rosenman LLP

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About this Author

Tim Aron, Katten Muchin Law Firm, Finance Attorney
Partner

Tim Aron, a partner in Katten Muchin Rosenman UK LLP, specialises in the regulation of financial services firms, clearing houses and trading platforms. He advises on a wide range of regulatory matters including securities and derivatives transactions, safe-keeping of money and assets, systems and controls and other high level standards, conduct of business rules, and the restructuring, acquisition and disposal of entities in the financial sector.

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