UK-based Investment Management Association (IMA) has planned to allow alternative investment fund managers to market new funds during the one-year transitional period of the Alternative Investment Fund Managers Directive’s (AIFMD) implementation.
HM Treasury has confirmed that it will permit alternative investment fund managers from Europe or ‘third-country’ locations to market new funds between 22 July 2013 and 21 July 2014, before they are authorised under the AIFMD.
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The AIFMD will bring in controls around which markets alternative investment fund managers can target, with different states working on different levels of equivalency in the build-up.
In addition, HM Treasury’s final regulation on AIFMD will ensure the buying and selling of shares, such as in investment trusts and VCTs, are not included in the directive’s marketing rules.
Although designed to tackle hedge and private equity fund regulation, the directive can also apply to the likes of Non-ucits retail schemes, investment trusts, VCTs, charity funds and pension fund pooling vehicles.
IMA director of authorized funds and tax, Julie Patterson, said: "allowing new funds to be marketed in the transitional period is "great news" for asset managers with pan-European or global businesses."
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By GlobalData"The consultation with the Treasury underlined the Government’s commitment to engage constructively on new legislation," Patterson said.
