Wed, Sep 2, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

S J Berwin comments on UK FSA second consultation paper on AIFMD

Wednesday, March 27, 2013

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 Final rules will not be published until June but the FSA's successor, the Financial Conduct Authority, is meant to confirm some of its final policy positions before then to give firms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......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Cliff Asness attracts $360 million as liquid alternative funds hold up[more]

    From Bloomberg.com: As U.S. stocks suffered their worst month in more than three years in August, Clifford Asness’s managed futures fund was able to profit. Investors are taking notice. The $9.12 billion AQR Managed Futures Strategy Fund pulled in an estimated $360 million in net subscriptions last

  2. Performance - Einhorn and Loeb's hedge funds both decline 5% in August, Some target-date funds miss in the market turmoil[more]

    Einhorn and Loeb's hedge funds both decline 5% in August From Reuters.com: Hedge fund billionaires David Einhorn and Daniel Loeb saw their main funds lose roughly 5 percent in August during a dramatic market sell off, two people familiar with their returns said on Monday. Einhorn's

  3. Opalesque Exclusive: When the SEC calls, fund managers need to get out of their own way[more]

    Bailey McCann, Opalesque New York: New pressure is hitting alternative investment funds from all angles. So far this month both hedge fund and private equity players have seen enforcement actions, and subsequent fines over fees, disclosures, and misleading statements. Citi one of the biggest

  4. Fortress hedge fund manager David Dredge says markets trouble on the way[more]

    From AFR.com: David Dredge of global hedge fund Fortress has built a career studying, predicting and protecting against the world's major financial crises. The recent convulsions in global sharemarkets are "just the beginning" of a painful adjustment as money drains from the emerging market economie

  5. North America - Puerto Rico agency plans talks with hedge fund creditors[more]

    From WSJ.com: Puerto Rico’s Government Development Bank is planning to begin confidential debt-restructuring talks with hedge funds that own its bonds as early as next week, said a person familiar with the matter. The parties are set to discuss a plan under which the investors would lend additional

 

banner