Closed consultation

Policy options for implementing the alternative investment fund managers directive

This consultation was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

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Original consultation

This consultation ran from to


Seeking views on views on policy decisions as part of the transposition of the Alternative Investment Fund Managers Directive in the United Kingdom.


Consultation description

The Alternative Investment Fund Managers Directive is due to be transposed into national law by 22 July 2013. The Directive will have a significant impact on firms that run any type of collective investment scheme other than a UCITS and provides a number of opportunities and risks.

The Directive establishes an EU-wide harmonised framework for monitoring and supervising risks posed by Alternative Investment Fund Managers and the funds they manage. It covers the investment managers of hedge funds, private equity funds, and real estate funds among others and is therefore relevant to many different types of asset manager.

The Directive will also affect firms providing relevant services such as prime brokerage facilities, external valuation, client administration, and marketing and distribution.

Informal Consultation

Transposition into UK law will require a number of high-level policy decisions as well as a considerable number of operational ones.

We would like to hear from UK-based fund managers that deem at least part of their regular business as managing AIFs (including UCITS management companies if they manage AIFs as well), discretionary investment managers, operators of unregulated collective investment schemes, investment companies that do not employ an external fund manager, depositaries and custodians holding the assets of AIFs, prime brokerage facilities, investors, trade bodies, and others interested in the Directive and its transposition.

The responses we receive will help develop formal policy positions for future consultation.

Discussion paper 

This is an informal discussion paper highlighting and inviting initial views on a number of the high level policy decisions that will need to be taken as part of the transposition of the Alternative Investment Fund Managers Directive in the United Kingdom.

In addition to our discussion paper, the Financial Services Authority has also published their own, covering operational issues.