Tue, May 26, 2015
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. Comment - Top hedge fund managers talk about how easy their jobs have gotten, BlackRock to Schroders warn of Argentina’s $20bn bond glut, The 35-year “investment supercycle” is drawing to a close, says Bill Gross, Gundlach: When the Fed starts hiking rates, 'GET OUT' of this asset class[more]

    Top hedge fund managers talk about how easy their jobs have gotten From Businessinsider.com.au: Time was, before the financial crisis hit, corporate boards treated multi-billion dollar hedge fund managers like Jehovah’s Witnesses pounding on their doors and flashing bibles. But no more.

  2. T Rowe's challenge to Dell deal may fuel critics of 'appraisal'[more]

    From Reuters.com: An increasingly popular tactic used by hedge funds and others to extract more money from buyouts could soon face a major courtroom test when a big investor in Dell Inc may argue that it should be paid a higher price for the 2013 acquisition of the PC maker. The strategy, known as "

  3. News Briefs - Ergen says LightSquared plan unfairly favors hedge funds, Why hedge fund managers make good advisory clients, I learned a lot about dad-bros after spending 4 days in Vegas with 2,000 hedge funders[more]

    Ergen says LightSquared plan unfairly favors hedge funds LightSquared Inc.’s bankruptcy plan gives hedge funds that invested in the broadband company a leg up while blocking telecommunications firms from competing with it, a fund owned by Dish Network Corp. Chairman Charles Ergen said in

  4. Opalesque Exclusive: SEC approves proposed changes to Form ADV, '40 Act - comment period to follow[more]

    Bailey McCann, Opalesque New York: Hedge funds and providers of liquid alternatives will want to pay close attention to proposed reforms approved by the SEC yesterday. The changes will require more frequent reporting, as well as a closer look into social media, liquid alternative strategies, and

  5. Opalesque Exclusive: Ovation Partners targets opportunities where few "natural lenders" participate[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Changes in financial regulations post-2008 (Dodd-Frank and Basel III) are forcing banks to significantly alter their core lending businesses. And as mid-sized

 

banner