AIMA AIFMD implementation event provides some answers

On 12th March 2013, the Alternative Investment Management Industry Association (AIMA) held an AIFMD implementation conference at the London offices of Simmons & Simmons. AIMA were joined by a representative from HM Treasury. Some useful feedback from HM Treasury (HMT) noting: strong support for the UK’s position that managers have a one year transitional period to become compliant with AIFMD;  HMT are open to extending the transitional provisions to other EEA managers to market to UK investors through private placement (although they don’t think the directive allows them to extend this flexibility to non EU AIFM); and clarification which many managers have been looking for around the ability to launch a new AIF during the transitional period if you are not an AIFM.

Unfortunately remuneration will now be subject to consultation (and not form part of the FSA Consultation Paper 2 due around 14th March 2013) – creating more delay and uncertainty. In response to a question posed by INDOS Financial, there is still no clarity on the position with respect to the ‘gold plating’ of the depo-lite requirements which will impact the majority of the industry, but HMT appear mindful to allow non-bank depositaries for private equity funds.