UK calls for AIFMD implementation delay

Author: | Published: 1 Nov 2012
AIC’s Ian Sayers

The UK’s Association of Investment Companies (AIC) has called for the July 2013 implementation date for the Alternative Investment Fund Managers Directive (AIFMD) to be pushed to 2014.

The AIC director general, Ian Sayers, today said it was now “possibly impossible” for the market to comply with the Directive’s requirements by the original date specified within the legislation.

The AIFMD will fundamentally change how the European and offshore non-UCITS (Undertakings for Collective Investment in Transferable Securities) fund sectors distribute funds, pay salaries and operate their businesses. But affected funds are unable to practically prepare until publication of the detailed level two compliance obligations, originally expected in July 2012.

Sayers told IFLR the level 2 provisions should be published within...