In November 2012 we published CP12/32, consulting on matters where we have a degree of national discretion on how to implement the AIFMD, in particular how fund managers should meet the required prudential standards and what regime should be put in place for depositaries of alternative investment funds.
In March 2013 we published CP13/9, which was Part II of the same consultation. In it, we consulted on a range of topics including how systems and controls and conduct of business rules and guidance will apply to different categories of alternative investment fund manager, which consumer redress rules will apply and what fees will be charged.
The new rules will help us to protect and enhance the integrity of the UK financial system and secure an appropriate degree of protection for consumers. Firms that have a full authorisation under AIFMD have the right to manage and market funds throughout the EU, which also helps us promote effective competition in the interests of consumers.
This paper will be of particular interest to:
The rules will come into force on 22 July 2013, although there are some transitional reliefs for firms for up to one year from then.
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