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

November 2012
Limited scope for discretion
Maximum harmonisation
CP12/32
Implementation of the Alternative Investment Fund Managers Directive
This consultation does not reopen discussions on policy decisions (as set out in
the Directive and reflected in our proposed rules) which have been agreed by all
Member States under EU processes.
Copy-out
We have taken a coherent copy-out approach to transposition, following the
words of the Level 1 text as closely as possible while trying to ensure that rules
and guidance are expressed in clear language and organised in a logical way.
Where we have discretion
Where Member State discretion is given in the Directive or we have policy choices
to make, such as for prudential and depositary requirements, we invite comment
on our policy proposals as explained in the relevant sections and reflected in the
proposed rules.
CP closing date
You have 11 weeks to send us your responses, by 1 February 2013.
CONSUMERS
AIFMD is mainly directed at firms offering asset management services to
professional investors. Many of these firms do not promote their products or
services to consumers more generally.
However, given that one of the main objectives of AIFMD is to achieve an
appropriate level of investor protection for retail, professional and institutional
investors, our proposals may be of wider interest to consumers.
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