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Alternative Market Briefing

Kinetic asks how the FSA will implement the provisions of the AIFMD

Thursday, March 01, 2012

Beverly Chandler, Opalesque London: Regulatory and compliance consultantcy firm, Kinetic Partners, reports that the FSA’s January Discussion Paper concerning the transposition of the AIFMD Directive gives useful insight into the way the FSA has interpreted the Directive.

The FSA deadline for comments on its Discussion Paper is 23 March. Kinetic reports that the FSA estimates that over 2,650 investments managers and collective investment schemes could be within the scope of the new regulator’s ("FCA") perimeter and that over 1,000 firms and schemes are likely to be within the scope of the Directive. "The FSA will undertake a preliminary firm categorisation exercise to determine more accurately identify the number of firms and schemes that are likely to be within the scope of the Directive" Kinetic writes.

Kinetic advises that firms will need to consider the following factors when deciding the extent to which the Directive will affect them:

  • the domicile of Alternative Investment Fund ('AIF’);
  • the location of the potential Alternative Investment Fund Manager ('AIFM’);
  • value of AIF funds under management;
  • the extent and location of any marketing activities in the EU;
  • legal and contractual arrangements between the AIFM and the AIF under management;
  • the location of the AIF depositaries

Key pract......................

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