The Financial Conduct Authority has published its final Policy Statement on AIFMD (known as PS13/5). The document sets out the FCA’s rules for implementing the Alternative Investment Fund Managers Directive and provides its response to the two consultation papers.
The PS includes a last minute reduction in the level of regulatory capital required by firms wishing to perform depositary-lite duties in order to encourage a competitive market, and introduces a number of changes to previous Perimeter Guidance (PERG) on marketing including the ability for AIFMs to generally rely on a confirmation from an investor that they approached the AIFM (therefore reverse solicitation) rather than being marketed to by the manager.
