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Beverly Chandler, Opalesque London: S J Berwin has published a note on the UK Financial Services Authority's second consultation paper on implementing the Alternative Investment Fund Managers Directive in the UK.

The firm writes that market participants have until 10 May 2013 to comment on the issues raised in this paper. Final rules will not be published until June but the FSA's successor, the Financial Conduct Authority, is meant to confirm some of its final policy positions before then to give firms marginally more time to factor these into their implementation plans.

The key policy question on which confirmation is awaited is on whether the FCA will accept AIFM and depositary authorisation or variation applications before 22 July 2013. To ensure a positive outcome on this issue it is important that firms respond to the questions raised in the recently published FSA survey by 28 March 2013. The period for response to a similar enquiry addressed to depositaries has already expired (on 21 March 2013). Any firm considering seeking authorisation as a depositary should contact the FSA urgently even though it is out of time according to the FSA letter.

Some of the key issues in this consultation paper worth noting, the firm writes, are:

Scope of the Directive

The most interesting material in the consultation paper comes at the end in the form of draft FCA perimeter guid......................

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