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Simon Crown By Beverly Chandler, Opalesque London:

In a cheekily entitled, but very detailed, briefing note, 'FSA paper on AIFMD implementation: a glimpse of the regulator's ankle’, Simon Crown, finance partner at Clifford Chance, offers his thoughts on the UK's Financial Services Authority (FSA) 23rd January discussion paper.

The FSA’s paper invited comments and answers to their 69 questions on their paper on the implementation of the Alternative Investment Fund Managers Directive (AIFMD) by 23rd March 2012.

Crown comments that while many people had had great expectations that that this paper would clearly show how the FSA would implement the AIFMD, it actually shows that implementation is at a very early stage and that many significant issues remain unresolved. Crown writes: "The paper should be seen as an indication of the FSA's current thinking on AIFMD and preliminary guidance on the sorts of issues that firms should be looking out for when starting their own implementation."

According to Crown, the paper reveals that the FSA has a great deal more work to do as will its successor, the Financial Conduct Authority or FCA, and HM Treasury, the European Securities and Markets Authority (ESMA) and the European Commission. Crown says: "In many areas, it is clear that the FSA is in a difficult position: it cannot finalise its implementation work until the &quo......................

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