UK: Treasury consultation on transposition of the AIFM directive

HM Treasury has published the first of two consultation papers concerning the UK's transposition of the Alternative Investment Fund Managers Directive (2011/61/EU), which will require, amongst other things the authorisation of certain investment managers of hedge funds, private equity funds and investment companies: see here (pdf). The first paper seeks views on various policy decisions that the Government is required to make (matters of scope for example) and includes draft Regulations.

The Treasury's paper should be viewed alongside the related work being undertaken by the Financial Services Authority, which published the first of its two planned consultation papers last November (see here, pdf). Note, too, that last month the European Commission adopted a Delegated Regulation supplementing the AIFM Directive and concerning exemptions, general operating conditions, depositaries, leverage, transparency and supervision: see here (pdf). Further background information is available here.