FSA Consults on AIFMD Implementation

The Financial Services Authority is seeking public comment on steps to implement the Alternative Investment Fund Managers Directive ("AIFMD") into UK law. The deadline for implementing the new rules falls on July 22, 2013. Although EU member states have limited discretion on how to implement the rules at a national level, the FSA has set out some proposals regarding:

• the prudential regime for all types of alternative investment fund managers ("AIFM");
• the regime for depositaries; and
• the Level 1 Directive requirements on AIFMs.

Responses to the proposals should be submitted by February 1, 2013.