CP12/32: Implementation of the Alternative ... - BVCA admin

CP12/32
Implementation of the Alternative Investment Fund Managers Directive
innovation by firms. However, we believe that the draft rules will allow for other types of
innovation within firms or their funds, such as allowing for new investment strategies.
Promoting public awareness
17. These proposals are not intended to promote public awareness.
The international character of financial services and markets and
the desirability of maintaining the competitive position of the
United Kingdom
18. The harmonised AIFMD regime across Europe aims to develop a level playing field
for asset managers operating across different Member States. It also seeks to achieve
consistent regulatory approaches and supervisory practices, and improved frequency
and quality of disclosure.
19. Although AIFMD is mostly maximum harmonising, in the few areas where we have the
option to make a discretionary decision we have taken account of the competitive
implications between firms based in the UK and in other countries. In developing our
proposals we have considered the implementation efforts in other Member States.
The need to minimise the adverse effects on competition
Annex 4X
20. As explained in the CBA, our proposals may have a material impact on competition for
some asset managers. However, when writing rules we have attempted to calibrate them to
the risks to our objectives we have identified, bearing in mind the impacts on competition.
Why our proposals are most appropriate for the purpose of meeting
our statutory objectives
21. Our proposals draw on engagement with those interested in the asset management sector.
We have taken account of the feedback to DP12/1 in our further policy development. We
believe the proposals described in this CP represent the most appropriate and proportionate
approach to implementing AIFMD.
A4:4 Financial Services Authority November 2012