Beverly Chandler, Opalesque London: Owl Regulatory Consulting reports that the UK Treasury’s recent 'Q&A’ on the transposition of the AIFMD has been reinforced this week by its Responses to the two Consultations that it published earlier this year. Owl principal, Oliver Lodge, writes: "Some will have noted that the Q&A in the main Response omits several of the items covered in the freestanding Q&A of last month. This is not a change of heart from HMT, just a narrower focus in the Response."
Lodge comments that what is rather striking about the Q&A is that it focuses rather more on what the Treasury plans to do than it does on any sort of interpretation of their consultations. "Basically, HMT is accepting that its drafting needs some 'tidying up" Lodge says, "but it also shows that the UK regulators (HMT and FCA) are determined not to over-egg the regulations that transpose this dreaded directive. It is all consistent with their dislike of AIFMD, their view that it imposes a lot of requirements on fund managers where investors have no need of additional protection and their determination that the UK industry will be no more hobbled by AIFMD than is strictly required by the letter of the EU legislation."
Lodge finds that the key points to emerge are:
Existing AIFMs will be able to launch new funds during the transitional period without losing their temporary exemption. Quite a few firms have been......................