The United Kingdom’s Treasury has confirmed in a Q&A document that it proposes to amend UK law to permit non-European managers to benefit from the one year transitional provision in the European Union's Alternative Investment Fund Managers (AIFM) Directive that is currently available to European managers. This proposal would postpone from July 22, 2013 to July 22, 2014 the date by which non-European managers must comply with the marketing requirements set out in the directive. This would allow non-European managers to continue promoting funds to UK investors as they do currently, without complying with the directive’s registration and information disclosure requirements.
This postponement will be more meaningful if it is also adopted by other EU member states. The Alert will report on further developments in due course.