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14 November 2012

FSA(英国金融サービス機構)がAIFMD(オルタナティブ投資ファンドマネージャー指令)に応じた国内法の改定ついて市中協議書(二部構成の最初の一部)を公表。コメントの締め切りは2013年2月1日


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This Consultation Paper is the first of two on rules and guidance to transpose the requirements of the Alternative Investment Fund Managers' Directive (AIFMD) into UK law. Deadline for comments is 1 February, 2013.


Why is the FSA issuing this Consultation Paper?

The FSA must implement rules transposing AIFMD by 22 July 2013.  The regulator has little scope for discretion in how it does this, but Member States of the EU are allowed some choices.  In this paper, the FSA proposes to address:

  • the prudential regime for all types of alternative investment fund manager (AIFM);
  • the regime for depositaries; and
  • the Level 1 Directive requirements on AIFMs.

The prudential regime for AIFMs and the regime for depositaries are the areas covered in this (first) CP where the regulator has to make choices about the best way to implement the Directive.

This paper also gives feedback on some of the implementation questions raised in DP12/1.  The FSA has taken this feedback into account when developing its implementation approach, so will not be publishing a separate Feedback Statement to DP12/1.

Who is this CP aimed at?

This paper will interest investors (both retail and professional), fund managers (including UCITS management companies), depositaries, MiFID firms and non-EEA fund managers wishing to market and/or manage EEA or non-EEA funds in the UK, or elsewhere in the EEA. It concerns investment companies not currently subject to FSMA authorisation and is important to service providers to the fund management industry, such as valuers, administrators and outsourcing specialists. It will also interest representative trade bodies, business advisers and consultants, and other advisers involved, serving in or linked to the fund management industry in the UK.

What are the next steps?

Online response form

Responses to this paper should be sent by Friday 1 February, 2013. This consultation period is slightly shorter than the three months normally given stakeholders, because of the FSA's need to finalise its rules and guidance as early as possible before 22 July, 2013.

The regulator intends to publish its second CP in February 2013 and a Policy Statement, relating to both parts of the consultation, in June 2013.

Press release

Consultation Paper



© FSA - Financial Services Authority


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