The transitional period under the AIFMD for UK managers of Alternative Investment Funds (AIFs) to apply to the Financial Conduct Authority (FCA) for the appropriate permission ends on 22 July 2014.
Firms not taking action before this date are at risk of breaching their regulatory permissions and obligations, which may result in enforcement action from the FCA and possibly other EU regulators.
However some firms may still believe they are outside scope of the AIFMD due to misinterpretation of the requirements and common misconceptions, says Giovanni Giro, compliance manager at Moore Stephens.
