The Financial Conduct Authority (FCA) has announced that the UK is on a verge of implementing the Alternative Investment Fund Managers Directive (AIFMD).
The AIFMD is a European Union law that regulates hedge funds, private equity funds and other private funds and it must be transposed into national law by 22 July 2013.
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The AIFMD states that the funds must delegate cash monitoring and investment compliance procedures to a third party, known as a depositary.
The AIFMD implementation could be welcome news for the funds and investment industry as in last month the funds industry bemoaned the lack of final regulations and application procedures for firms to become AIFMD compliant.
However, the UK Treasury has already declared that firms would be given a transition period of one year.
Till date, only Ireland has declared itself ready for the AIFMD chances, with the country’s central bank stating it is now accepting applications for firms to become depositaries.
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By GlobalData
