The Alternative Investment Fund Managers Order 2014 (the Order) has been published together with an explanatory memorandum.
The Order amends the Financial Services and Markets Act 2000 (Gibraltar) Order 2001 to allow Gibraltar based entities to exercise entitlements equivalent to certain EU rights in the UK in relation to collective investment schemes.
The Order also amends the Financial Services and Markets Act 2000 (FSMA), the FSMA (Regulated Activities) Order and the Alternative Investment Fund Managers Regulations 2013 to alter certain aspects of the implementation of the Alternative Investment Fund Managers Directive.
In particular, section 418 FSMA specifies the conditions under which a firm is considered to be carrying on a regulated activity in the UK. The Order amends that section to ensure that where a firm manages an EEA alternative investment fund or marketing of an alternative investment fund in the EEA, and carries on that activity from outside the EEA, if the firm is registered in the UK the activity will be considered to be carried on in the UK and regulated in the UK.
View The Alternative Investment Fund Managers Order 2014, 23 May 2014