Alternative Investment Fund Managers meaning

This tracker outlines the consultation papers issued by the Financial Services Authority (FSA) from 2008–2013, listed in reverse date order, and includes links to the relevant FSA webpage and/or PDF versions of the papers. For details of Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consultation papers, together with subsequent rules and guidance, see: • FCA consultation paper tracker-2021 [Archived] 2013 Publication date Consultation Paper (including FSA webpage if available) Description March 2013 - FSA webpage: CP13/9: Implementation of the Alternative Investment Fund Managers Directive Part 2; CP13/9: Follow-up consultation on draft rules and guidance for implementing the Alternative Investment Fund Managers Directive (AIFMD). March 2013 - FSA webpage: CP13/8: Publishing information about warning notices; CP13/8: Proposals on how the Financial Conduct Authority (FCA) would publish details about the subject-matter of a warning notice where it considers publication appropriate. March 2013 - FSA webpage: CP13/7: Consumer credit regulation-our proposed regime; CP13/7: Invites views on the proposed framework and rules for the new consumer...

This timeline outlines key developments linked to the Alternative Investment Fund Managers Directive (EU) 2011/61/EU (EU AIFMD) from January 2024 onwards. For earlier developments, see Alternative Investment Fund Managers Directive (AIFMD)—timeline [Archived]. For further guidance on EU AIFMD, see Practice Note: EU AIFMD—essentials. For guidance on the UK Alternative Investment Fund Managers (AIFM) regime, see Practice Note: UK regulation of alternative investment fund managers—essentials. 2026 13 March 2026 — ESMA — Guidelines on Liquidity Management Tools (LMTs) for UCITS and open-ended AIFs. The European Securities and Markets Authority (ESMA) has published guidelines on LMTs for UCITS and open-ended AIFs...

ARCHIVED: This Practice Note is archived and is no longer maintained. This Timeline charts the proposal for the Securities Financing Transactions Regulation and the ensuing EU and UK developments concerning the Regulation. Within the EU, the European Commission undertook extensive work on shadow banking, culminating in its September 2013 Communication on Shadow Banking. Among its priorities was boosting transparency around securities financing transactions (SFTs). It also called for improvements to the regulatory framework for investment funds, including undertakings for collective investment in transferable securities (UCITS) and alternative investment funds (AIFs) (see Practice Notes: Undertakings for Collective Investment in Transferable Securities—essentials and UK regulation of alternative investment fund managers—essentials for further information). The EU Regulation on reporting and transparency of securities financing transactions, Regulation (EU) 2015/2365 (the EU SFTR), represents the Commission’s legislative response to the issues highlighted in the Communication. Most provisions of the EU SFTR took effect on 12 January 2016. After the Brexit transition period ended, the EU SFTR was retained in the UK as Retained Regulation...

Fund managers and advisers linked to the Local Government Pension Scheme (LGPS) warned that hurried changes could depress investment outcomes, leaving local taxpayers to carry the cost. The government has proposed sweeping reforms to the £400bn LGPS, which is currently split across 86 smaller funds ranging from £300m to £30bn. The plan is to combine these holdings into several much larger megafunds, providing the scale to commit more capital to infrastructure projects. Crucially, the Treasury will set a 5% target for every LGPS administering authority to invest in the local economy...

Lalone cautions that DORA’s reach remains unclear for UK alternative investment fund managers with EU clients, including hedge funds, private equity, and real estate investment funds. He highlights the growing challenges in DORA-linked contract negotiations between financial entities and their service providers. With regulators able to impose unlimited fines when EU businesses err, the financial and reputational exposure is significant. What is DORA? DORA obliges financial entities to put in place a governance and risk management framework to withstand disruptions to digital and data services arising from third parties, such as cyberattacks. Accordingly, entities must ensure contracts with information and communication technology (ICT) providers satisfy defined standards. In scope entities include investment firms Trading venues such as exchanges Fund managers Cryptoasset service companies Formally, DORA applies only to EU financial entities. However, group-wide systems and controls can ‘bleed through’ borders and influence non‑EU firms. Where a large financial group maintains an internal IT or operational risk management framework at...

Alternative investment fund managers directive The FCA, in a call for output, indicated it plans to update the rules that implement the pre-Brexit legacy EU regime known as the alternative investment fund managers directive. The regulator’s intended revisions correspond with government proposals, released the same day, to amend the core legislation for alternative investment fund managers. These managers oversee, among other vehicles, hedge funds and venture capital funds. According to FCA interim markets director Simon Walls, the ambition is to craft requirements better suited to UK investment managers, with the package forming part of broader reforms across the asset management sector. He noted that the changes could help firms operate more efficiently, in turn supporting competition, competitiveness and economic growth. Currently, alternative fund managers with €100m in assets under management, or in some instances €500m, fall under the FCA’s full regime, which brings higher capital obligations and more stringent...

This Practice Note explores the position of depositaries under the UK framework that transposes the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD). It examines the depositary obligations within the UK AIFM regime, setting out which UK entities can serve as a depositary, the scope of their functions (including oversight), and the rules on delegation, liability, and the depositary agreement. For details on the parallel EU regime, see Practice Note: EU AIFMD—depositaries. UK implementation of AIFMD depositary requirements The AIFMD has been given effect in the UK through a blend of primary legislation in the Financial Services and Markets Act 2000 (FSMA 2000), secondary legislation—principally the Alternative Investment Fund Managers Regulations 2013, SI 2013/1773 (AIFM UK Regulations)—and rules made by the Financial Conduct Authority (FCA) across its Handbook, chiefly in the Investment Funds sourcebook (FUND). Within the FCA Handbook, AIF depositary provisions sit mainly in FUND 3.11 (in accordance with the table in FUND 3.11.2 R and FUND 3.11.3 R). These rules are supplemented by Articles 83 to...

This Practice Note offers a synopsis of the organisational, valuation and delegation requirements under the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (AIFMD), as supplemented by Commission Delegated Regulation (EU) 231/2013 (EU AIFMD Level 2 Regulation). It sets out how alternative investment fund managers (AIFMs) should structure their operations and distils the principal provisions concerning asset valuation and delegation. What is the AIFMD? The AIFMD (Directive 2011/61/EU) came into force in EU Member States on 22 July 2013 and governs the management, administration and marketing of alternative investment funds (AIFs) across the EU. AIFMD, as implemented, applies to all EU AIFMs that manage one or more AIFs, whether those AIFs are EU AIFs or non-EU AIFs. The AIFMD, as implemented in EU Member States, also extends to: non-EU AIFMs who manage EU AIFs; and in part, non-EU AIFMs who actively market AIFs in the EU For general information on how the AIFMD applies, see: Investment funds, asset management, and benchmarks...

This Practice Note reviews the remuneration framework originating from the Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) and set out in the alternative investment fund manager (AIFM) Remuneration Code (the Code) within the Senior Management Arrangements, Systems and Controls sourcebook (SYSC) of the Financial Conduct Authority (FCA) Handbook at SYSC 19B. It outlines the main elements of the Code, including its reach, the meaning of remuneration and the Code’s principles. Managers of alternative investment funds (AIFs), including hedge funds, private equity funds and other AIFs (such as commodity funds, venture capital funds, real estate funds and investment funds), may all potentially fall within the scope of the remuneration requirements. For an accessible checklist of the relevant requirements, see: —checklist. For details on the equivalent EU requirements, see Practice Note: EU AIFMD—remuneration requirements. For an overview of the UK AIFM regime, see Practice Note: UK regulation of alternative investment fund managers—essentials. Scope of the Code The Code applies to a full-scope UK AIFM of a UK AIF or...