On April 29, HM Treasury issued a Question and Answer publication which stated its intention to extend the transition period of the Alternative Investment Fund Managers Directive (AIFMD) to existing third-country Alternative Investment Fund Managers (AIFMs) and existing non-UK European Economic Area (EEA) AIFMs.
Third-country (i.e., non-EEA) and non-UK EEA AIFMs will now be able to market their funds in the United Kingdom under the United Kingdom’s existing private placement regime until July 22, 2014. If HM Treasury had not extended the transitional period these AIFMs would have had to market their funds in accordance with the AIFMD as of July 22, 2013 (unless the AIFM qualifies for an exemption).
Unless other European states follow the United Kingdom’s lead in extending the transitional period, any AIFMs that market into these jurisdictions will need to ensure their marketing activities comply with the AIFMD by July 22, 2013.
The Questions and Answers are available here.