With the Alternative Investment Fund Managers Directive (the “AIFMD”) implementation deadline of July 22, 2013 fast approaching, the UK Financial Conduct Authority (the “FCA”) and UK’s HM Treasury have been ramping up their preparations to oversee compliance by financial institutions.

Among other things, the FCA has published required forms, policy statements and implementation guidelines, and in May 2013, the HM Treasury published the revised draft implementing regulations (the “Regulations”), which clarified how AIFMD will affect alternative investment fund managers (“AIFMs”), including those based outside the European Economic Area (the “EU”) with respect to the UK national private placement regime (“NPPR”) and their UK marketing activities.