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28 June 2013

FCA(英国金融行動監視機構)、AIFMD(オルタナティブ投資ファンドマネージャー指令)を適用する規則を公表、7月22日施行予定


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The Financial Conduct Authority published its Policy Statement setting out its rules for implementing the Alternative Investment Fund Managers Directive (AIFMD). The new rules will take effect on July 22, 2013.


AIFMD is mainly directed at firms offering asset management services to professional investors. Many of these firms do not promote their products or services to consumers more generally. However, given that one of the main objectives of AIFMD is to achieve an appropriate level of investor protection for retail, professional and institutional investors, our rules may be of wider interest to consumers.

The new rules will support the objectives of protecting and enhancing the integrity of the UK financial system and securing an appropriate degree of protection for consumers. Firms that have a full authorisation under AIFMD have the right to manage and market funds throughout the EU, which supports our objective of promoting effective competition in the interests of consumers.

The rules will come into effect on 22 July 2013. Firms that are already carrying on management  of AIFs, or providing services as a depositary, custodian or valuer, may be able to take account of the transitional provisions set out in the Treasury’s AIFMD UK regulation, until 21 July, 2014.

All firms that will become AIFMs should plan what they will need to do to have gained a Part 4A permission to manage an AIF, or to have been registered with the FCA, by that date. Firms intending to act as depositary for an unauthorised AIF can, if they are currently authorised persons, begin providing the service as soon as they are able to comply fully with the requirements of the Directive and the level 2 regulation. This transitional provision expires on 21 July 2014, by which point they will need to hold a Part 4A permission to act as trustee or depositary of an AIF. Firms that are not yet authorised persons must become authorised with the relevant Part 4A permission before they can begin to provide the service.

Legislation creating two new forms of European-wide collective investment undertaking will also come into effect on 22 July 2013. Regulations for European venture capital funds (EuVECAs) and European social entrepreneurship funds (EuSEFs) were published in April 2013, which will allow small authorised and registered AIFMs to manage and market two new types of alternative investment fund. As these regulations are directly applicable in law, they come into force without consultation, but the FCA has taken account of them in its final Handbook instrument and in this paper, to reflect their position within the current regulatory structure.

To prioritise its resources effectively and achieve timely transposition, the FCA has deferred consulting on some matters that do not have to be in place from 22 July. These include:

  • consequential changes for all parts of the FCA and PRA Handbooks
  • rules on fees for managers of EuSEFs and EuVECAs (see chapter 8 of this paper)
  • rules for the eventual implementation of European passports for non-EEA AIFMs managing EEA AIFs and for non-EEA AIFs being marketed in the EEA
  • integration into the Handbook of ESMA guidelines on key concepts of the AIFMD, remuneration of key personnel, and reporting by AIFMs
  • guidance on a proportionality framework for remuneration requirements, and
  • the transition of rules and guidance affecting UK-authorised funds from the Collective Investment Schemes sourcebook (COLL) to the Investment Funds sourcebook (FUND).

Full document

See also PRA's AIFMD-webpage



© FCA - Financial Conduct Authority


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