AIMA requests clarification from FCA over AIFM transition period
What’s happening?
The Alternative Investment Management Association (AIMA) recently sent a letter to Nick Miller, the head of the Asset Management Department at the FCA, in an attempt to secure clarity regarding the practical implications of the end of the Brexit transition period for Alternative Investment Fund Managers.
The issues raised in that letter primarily concerned the impact on EEA AIFMs marketing to UK investors under the current passporting regime and under the National Private Placement Regime (‘NPPR’).
This letter followed a similar letter sent to EU national competent authorities attempting to ascertain similar points for UK AIFMs which are marketed in the rest of the EU.
What do you need to do?
One of the major issues covered was whether current registration statuses for EEA AIFMs could be converted to the new categories set out under The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019.
These regulations will leave AIFMs with two available categories to fit into, UK AIFMs and Third Country AIFMs. The regulations do not set out how existing EEA AIFMs can convert to be a Third Country AIFM, causing a lack of clarity as to whether the EEA AIFM status under passporting or the NPPR can be converted to the new Third Country AIFM status, or whether deregistration and reregistration will be required.
How can we help you?
If you’d like to know more about AIFM marketing regulation or any other aspect of FCA compliance, our expert team is here to help. Contact us today on 0207 436 0630 – or email info@thistleinitiatives.co.uk.