The FCA has updated its AIFMD latest news web page by adding two new sections covering:

• AIFs in the form of limited partnerships. The FCA gives a brief update regarding how stakeholders should determine an alternative investment fund where it is in the form of a limited partnership; and
• the Alternative Investment Fund Managers Order 2014. HM Treasury has now made and laid before Parliament the Order and the Alternative Investment Fund Managers (Amendment) Order 2014. These Orders makes certain changes to the implementation of the Alternative Investment Fund Managers Directive (AIFMD) in the UK including the transitional period for alternative investment fund managers (AIFMs). In particular AIFMs applying for a variation of permission will not be required to be authorised by 22 July 2014, provided they have submitted a completed application by then. The extension of the transitional provision will not apply to firms applying for a new authorisation. However, firms are reminded that they will not be entitled to passport their activities into other EEA member states until the firm receives authorisation and the relevant notification is processed. An existing MiFID firm will not be able to continue using its MiFID passports if it has applied to be authorised as a full scope AIFM. It will need to wait until it is authorised to be able to exercise passport rights in relation to the MiFID activities in article 6(4) AIFMD.

View AIFMD latest news, 27 June 2014