London-based Tower Gate Capital has submitted application to the Financial Conduct Authority (FCA) to roll out its latest compliance platform under the Alternative Investment Fund Managers Directive AIFMD.
The platform will enable alternative investment fund managers to outsource the regulatory and compliance requirements under the new European AIFMD legislation, efinancialnews.com reported.
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Set to be effective from this summer, the European AIFMD rule mandates that alternative fund firms, who aim to distribute their products in Europe, will have to obtain new regulatory licenses to market and manage their funds.
Fund managers will be able to outsource their compliance requirements using the new platform; however, they would retain their investment management roles.
Tower Gate platform CEO Bobby Console-Verma was quoted by the news portal as saying that the company had made a "significant" investment in the platform, which has 20 staff, amid expected strong demand for such outsourcing services under the new regime.
"There is a requirement for this service and this is a way for funds to achieve compliance," Verma added.
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