Fri, Feb 12, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Last chance for alternative fund managers to apply for AIFMD authorisation before July 22nd deadline

Tuesday, July 15, 2014
Opalesque Industry Update - Alternative fund managers have just one week to apply for authorisation under the Alternative Investment Fund Managers Directive (AIFMD) as the July 22nd deadline looms, warns Bovill, the specialist financial services regulatory consultancy.

Bovill explains that the deadline for firms to apply has already been pushed back by the Treasury because of pressure from the industry that not enough time was being allowed for firms to apply.

AIFMD introduces new rules on remuneration and reporting for alternative fund managers such as private equity houses and hedge fund managers.

Ashley Kovas, Head of Funds at Bovill says: “This is the last chance for alternative fund managers to file their application with the FCA. Some firms are leaving it until the very last minute.” “This is not just about getting the form filled in and filed with the FCA – fund managers need to be compliant with the rules from Tuesday. The FCA has been quite clear that it expects firms to meet their obligations under AIFMD by Tuesday and it could hold them to account through enforcement action if they fail to do so.”

Meeting new reporting requirements next step for firms

Bovill explains that the next key date for alternative fund managers to plan towards is the start of new reporting obligations, with most firms needing to submit their first reports by January 31 2015.

Bovill explains that firms will have to provide information on a large amount of qualitative and quantitative information, including:

  • The top five instruments that the fund is trading
  • The geographical breakdown of the fund’s investments
  • What their investment strategy is
  • The principal markets that the fund is trading in

Ashley Kovas adds: “As at the end of the year, alternative investment fund managers will have to provide a huge amount of management information. Some managers will not collect this information already so they will have to set up processes from scratch to make sure they meet their obligations. Fund managers we have advised have been surprised at the quantity and type of information that they will need to produce.”

Bovill

Press Release

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
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. Credit Suisse cherry picks hedge fund ideas[more]

    From FT.com: Credit Suisse Asset Management plans to cherry pick profitable concepts from hedge funds with the launch in Europe of a “best ideas” strategy. The investment arm of the Swiss bank said the strategy will separate it from other funds blighted by “overcrowding problems”. It comes at a time

  2. Investing - Hedge funds bet on risks in U.S. blue-chip debt, Hedge funds bets against bank credit risk paying off, Tiger Global still likes Internet names, gets pointers from Jeter[more]

    Hedge funds bet on risks in U.S. blue-chip debt From WSJ.com: Hedge funds are betting the next bond sector to crack will be the $4.5 trillion market for the safest U.S. corporate debt. New York’s Perry Capital has placed a $1 billion wager against investment-grade bonds issued by 10 comp

  3. Short Selling - Hedge fund manager Kyle Bass is shorting real estate—again, Top US hedge fund has €80m short position in Paddy Power Betfair[more]

    Hedge fund manager Kyle Bass is shorting real estate—again From Fortune.com: He also predicted the mortgage crisis in 2008. Hedge fund manager Kyle Bass, who runs Dallas-based Hayman Capital, tanked the stock of a little-known real estate financier Friday by revealing that he is shorting

  4. Investing - Real estate secondaries sole 'bright spot' in 2015, As hedge funds stumble, one firm prepares to buy illiquid stakes[more]

    Real estate secondaries sole 'bright spot' in 2015 From IPE.com: The secondary market for property was the sole “bright spot” over the course of 2015, as hedge fund secondaries saw deals fall by two-thirds, according to a wide-ranging survey of the market. Setter Capital said 2015 saw th

  5. Asia - Hedge fund manager Kyle Bass estimates China's foreign reserves below critical level[more]

    From Nasdaq.com: Investor Kyle Bass stepped up his attack on China's currency, arguing in an investor letter distributed Wednesday that the second-largest economy's foreign reserves are "already below a critical level." The comments mark the latest effort by hedge funds and other investors to raise