MFA Responds to UK FSA’s Consultation on Implementation of AIFMD
The MFA issued a comment letter responding to the UK Financial Service Authority's ("FSA") consultation on the implementation of the Alternative Investment Fund Managers Directive ("AIFMD"). In the letter, the MFA highlighted the following key points:
- Transitional provisions: these provisions should apply equally to existing UK/EU AIFMs as well as to existing non-EU AIFMs.
- Scope: an EU delegate of a non-EU AIFM should not be required to be authorised under the AIFMD.
- Remuneration: AIFMs should be subject to no more onerous remuneration requirements than MiFID portfolio management firms. (Both should be treated as "level 3" firms for the purposes of the Remuneration Code.)
Click here to view letter in full (links externally to MFA website).See also: Related news story: MFA Submits Comment Letter to ESMA on MiFID Remuneration Guidelines.