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The Directive establishes an EU-wide harmonised framework for monitoring and supervising risks posed by AIFM and the funds they manage. It covers the investment managers of hedge funds, private equity funds, and real estate funds.
Transposition into UK law will require a number of high-level policy decisions as well as a considerable number of operational ones. This consultation paper sets out the Government’s proposed approach to a number of the key policy decisions. There are a limited number of issues, including those arising from further working at the European level, which we cannot consult on at this time. A second consultation paper will be published shortly.
HM Treasury would like to hear from UK-based fund managers that deem at least part of their regular business as managing AIFs (including UCITS management companies if they manage AIFs as well), discretionary investment managers, operators of unregulated collective investment schemes, investment companies that do not employ an external fund manager, depositaries and custodians holding the assets of AIFs, prime brokerage facilities, investors, trade bodies, and others interested in the Directive and its transposition.
The Treasury will publish a formal response to the views expressed in the consultation once it has closed. A second consultation will also be published in early 2013 covering issues arising from the on-going Level 2 Regulation.
The consultation will run from 11 January to 27 February 2013.