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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.”


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