Amendments To UK Implementation Of AIFMD

On 23 May 2014, secondary legislation amending UK legislation implementing the Alternative Investment Fund Managers Directive ("AIFMD") was published. The secondary legislation includes provisions: (i) requiring the management of an AIF from outside of the EEA that is registered or marketed in an EEA member state (including the UK) to be regulated as if the management was taking place in the UK; (ii) to allow Gibraltar-based entities to exercise the same EU passporting rights under the AIFMD as their UK counterparts; (iii) amending transitional provisions for UK firms being brought within the scope of AIFMD so that if transitional firms have not had their FCA application determined by the end of the transitional period, they may continue to manage and market funds within the UK (but not other Member States) as if they had been granted the authorization or registration for which they had applied until their application is so determined; and (iv) amending the date by