The FSA had hoped to clarify how the European directive would work in the UK but the final rules had yet to be drawn up when the regulator shut up shop.
Non-EEA alternative investment fund managers, provided they have notified themselves to the FCA and they comply with the transparency requirements in the directive and the level two regulation, will be permitted to manage and/or market EEA and non-EEA AIFs in the UK from 22 July 2013. They will not, however, have a passport to market freely across the EEA.
Where non-EEA AIFMs manage and/or market private equity AIFs in the UK, they will also need to comply with the bespoke reporting provisions in Article 26(1) of the AIFMD.
Smaller alternative investment fund managers managing alternative investment funds below the thresholds for assets under management (AUM) will not need to comply with the requirements and guidelines on remuneration policies for AIFMs.
The deadline for comments is 10 May 2013.
http://fca.org.uk/your-fca/documents/consultation-papers/fsa-cp139
