The UKs 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 Directives 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
level two compliance obligations, originally expected in
Sayers told IFLR the level 2 provisions should be published