Bulletin Board: FCA and AIFM regime, T. Rowe Price and Goldman Sachs, Wellington, Vanguard and Blackstone, INVL, SEC and Nasdaq, AEGIS Hedging, Ashmore CAF-AM
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By Opalesque:
UK financial regulator sets out overhaul of AIFM Regime
On 14 July 2026, the FCA published CP26/28, launching a consultation on the biggest overhaul of the UK AIFM regime since AIFMD's 2013 implementation, alongside parallel legislative changes from HM Treasury. This is part of the post-Brexit effort to move firm-facing requirements out of legislation and into FCA rules.
The central change replaces the current "full-scope"/"small" split with a three-tier structure based on net asset value: small (under GBP 750 million ($996m)), medium (GBP 750 million- GBP 5 billion), and large (above GBP 5 billion). The GBP 750 million small-firm threshold is much higher than the GBP 100 million floated in a 2025 Call for Input, reflecting industry concerns about cliff-edge effects. Obligations scale progressively by tier, threshold-crossing triggers a notification (not a permission variation), and transitional arrangements will apply.
Most requirements will be consolidated into a new "ALTS" sourcebook, replacing FUND, making the FCA the primary architect of the regime going forward.
Other key proposals: mandatory dual leverage calculations (gross and commitment methods) replacing the "substantially leveraged" trigger; consistent valuation rules across all firm sizes, including small AIFMs; small AIFMs producing an "annual summary" instead of a full annual report; delegation moving to post-notification; and streamli...................... To view our full article Click here
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