With less than four months to go before the introduction of the Alternative Investment Fund Managers' Directive (AIFMD), Thompson Taraz (TT) can confirm that it had written to the outgoing Financial Services Authority (FSA) outlining its intention to create an AIFMD compliant solution for smaller funds and their managers. AIFMD is coming into force on July 22nd and will bring major disruption and changes to the way that the funds industry works.
In a 6 February 2012 "Dear CEO" letter, Hector Sants provided firms with an update on the transition to the new regulatory structure. To prepare the way for the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) becoming operational in early 2013, the FSA will adopt a "twin peaks" supervisory model with effect from 2 April 2012.
The FSA published DP12/1 as part of its preparation for the implementation of the Alternative Investment Fund Managers Directive (AIFMD) on 23 January 2012. Its aim is to assist the development of well-informed, proportionate and effective regulatory policy and also to help ensure that firms are "AIFMD-ready" by the time of implementation. It is hoped that dialogue between the FSA and firms to whom the directive is relevant will help to shape and streamline policy, and also create awareness among firms as to the directive’s practical implications. The FSA invites comments on the contents of DP12/1 by 23 March 2012.