For those involved in the alternative funds space, much attention has of course been focused on the recent implementation of the Alternative Investment Fund Managers Directive (AIFMD). But those in the UK also have a need to keep an eye out on other FCA initiatives and one such concerns the restrictions on retail distribution of unregulated collective investment schemes and close substitutes on which the FCA finalised amended rules in June.
These are causing firms some difficulty in adjusting to comply with them. Although there is a transitional period, firms should consider carefully how best to accommodate the revised restrictions, on or preferably before, 1 January 2014.
For more details please consult our briefing paper on this subject.
Please contact Kirstene Baillie or your usual contact at Fieldfisher if you would like to consider any particular aspect of these amendments and how they affect your business.