Important concessions by the UK Treasury in relation to the Alternative Investment Fund Managers Directive (AIFMD) have been announced, according to specialist financial services regulatory consultancy Bovill.
Deadlines surrounding AIFMD will be relaxed, following concerns by the financial services sector that many fund managers would need to shut up shop if they did not file their AIFMD application by 22 January.
The concession announced today will mean that if an AIFM’s application for authorisation or registration is filed after 22 January they can still trade. However, the 22 July deadline for authorisation or registration still remains in place.
Ben Blackett-Ord, chief executive at Bovill, says: “This is good news as there was very real risk of firms missing the January deadline. It’s good to see The Treasury continuing to take a pragmatic approach on AIFMD.
“However, given that all AIFMS will need to comply fully with the requirements by 22 July, whether or not their application has been determined, firms should not interpret this as a reason to take their foot off the gas in relation to AIFMD preparedness and should still aim to have applications submitted by the January deadline.”
