Investment - Articles - HMT rules enable marketing of new alternative funds

 In response to the HM Treasury's final regulation on the Alternative Investment Fund Managers Directive (AIFMD), published today, Julie Patterson - IMA Director of Authorised Funds and Tax - said:

 "Confirmation that existing European and third country alternative investment fund managers can market new funds during the one-year transitional period1, before being authorised under the AIFMD, is great news for firms with pan-European or global businesses.

 "The consultation process with the Treasury underlined the Government's commitment to engage constructively on new legislation, as set out in ‘The UK investment management strategy' 2. We are pleased to see many of IMA's recommendations being adopted as a result, including ensuring that the buying and selling of shares of listed investment companies, such as investment trusts and VCTs, is not inappropriately caught by the marketing rules.

 "The regulations published today will also help firms to work towards a more manageable timetable for implementation for domestic business."