The Financial Services Authority (FSA) is to review its restrictions on the marketing of unregulated collective investment schemes (UCIS) to retail investors as a result of proposed European rules.
The Alternative Investment Fund Managers (AIFM) directive will come into effect from July 2013 and will impact on firms that are involved in the running of any kind of collective investment scheme other than UCITS funds. It focuses on the regulation of the managers themselves, rather than the fund vehicles, although it leaves open the possibility to impose limits on leverage and liquidity and requires notification of alternative investment funds to be made to regulators if they are to be marketed. In a discussion paper on the implementation of the directive, the FSA today outlined its...
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