Ireland: Central Bank consults on governance requirements for investment firms

The Central Bank of Ireland has published a consultation paper setting our proposals for the governance requirements of investment firms: see here (pdf).

UK: FCA guidance on the AIFM Remuneration Code

The Financial Conduct Authority has published final guidance in respect of the AIFM Remuneration Code (SYSC 19B): see here (pdf).

Europe: ESMA publishes final guidelines on reporting obligations of alternative investment fund managers

The European Securities and Markets Authority has published its final guidelines in respect of the reporting obligations for alternative investment fund managers under Articles 3(3)(d) and 24(1), (2) and (4) of the Alternative Investment Fund Managers Directive (2011/61/EU): see here (pdf).

UK: Financial Conduct Authority quarterly consultation

The Financial Conduct Authority has published its second quarterly consultation paper: see here (pdf). The paper seeks views on a wide range of proposed changes including those relating to the Prospectus Rules (to clarify the timing and method of filing of a prospectus with the FCA) and the rules on reporting suspicious transactions (to ensure consistency between SUP 15.10.2R and SUP 15.10.3R). Guidance is also proposed in respect of the AIFM Remuneration Code (SYSC 19B) following the publication earlier this year of ESMA's guidelines on sound remuneration policies under the Alternative Investment Fund Managers Directive.

UK: The Alternative Investment Fund Managers Regulations 2013

The Alternative Investment Fund Managers Regulations 2013 were made yesterday and come into force on 26 July. A copy of the Regulations, including a short explanatory note, is available here (pdf). The Regulations implement, amongst other things, part of Directive 2011/61/EU (the Alternative Investment Fund Managers Directive). An explanatory memorandum and transposition note will soon be available here. Other parts of the Directive will be implemented by the Financial Conduct Authority (about which see here).

UK: AIFMD implementation - rules published by FCA

The Financial Conduct Authority has published a policy statement containing the rules it will introduce in order to implement the Alternative Investment Fund Managers Directive: see here (pdf).

Europe: Alternative Investment Fund Managers Directive - ESMA publishes guidelines on key concepts

The European Securities and Markets Authority has published its final report Guidelines on key concepts of the AIFMD: see here (pdf).

Europe: ESMA's final report - Guidelines on key concepts of the Alternative Investment Fund Managers Directive

The European Securities and Markets Authority has published its final report Guidelines on key concepts of the Alternative Investment Fund Managers Directive: see here (pdf).

UK: Transposition of the Alternative Investment Fund Managers Directive

The Government has published its response in respect of the consultation that took place earlier this year regarding the transposition of the Alternative Investment Fund Managers Directive: see here (pdf). A copy of the Alternative Investment Fund Managers Regulations 2013 has also been published - see here (pdf) - together with a set of questions and answers: see here (pdf).

UK: transposition of the AIFIM Directive - further consultation papers from the Treasury and FSA

HM Treasury and the Financial Services Authority have each published another consultation paper with regard to the transposition of the Alternative Investment Fund Managers Directive (2011/61/EU): see, respectively, here and here.

Europe: ESMA publishes final guidelines on remuneration of alternative investment fund managers

The European Securities and Markets Authority has published its final Guidelines on sound remuneration policies under the Alternative Investment Fund Managers Directive: see here (pdf). These operate on a 'comply or explain' basis: competent authorities (e.g., regulators/supervisors) within the Member States are required to inform ESMA whether they comply or intend to comply with the guidelines.

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.

UK: FSA consults on implementation of the AIFM Directive

The Financial Services Authority has published the first of two consultation papers in which it sets out rules and guidance in respect of the implementation of the Alternative Investment Fund Managers Directive: see here (pdf).

UK: Implementation of the Alternative Investment Fund Managers Directive

As part of the UK's implementation of the AIFM Directive, the Financial Services Authority has published a discussion paper setting out provisional thoughts with regard to the approach that it will adopt: see here (pdf).

Europe: ESMA's AIFM Directive rules

The European Securities and Markets Authority has published its final advice on the detailed rules underlying the Alternative Investment Fund Managers Directive: see here. The purpose of ESMA's proposed rules is to establish a comprehensive framework for alternative investment funds, their managers and depositaries.

Europe: the Alternative Investment Fund Managers Directive

Political agreement has been reached by the European Parliament and the Council of Ministers on the text of the Directive on Alternative Investment Fund Managers: see here. FAQs are available here. The text of the Directive adopted by the European Parliament is available here.