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AIFMD comes into force today

FCA Annex IV Update: 29/10/2014.

AIFMD has finally come into full force today. Five years after the initial introduction and publication of the Alternative Investment Fund Managers Directive, the regulation rules have now officially come into effect.

As of today, all managers of alternative investment funds (AIFs) with gross assets, including leverage, of greater than €100 million will be required to comply with a wide set of new regulatory rules covering their ongoing operation policies and transparency.

While 82% of managers have established the base required for the successful implementation of the directive on time, 44% have yet to receive authorisation from their local regulator, according to a survey released by BNY Mellon yesterday.

The survey also suggests that majority of managers has not yet implemented core elements of the regulation – 31% still need to deploy risk and control systems while 38% have not appointed a depository yet.

58 alternative investment funds participated in the survey which further revealed that there was a general pessimism in the industry about the implementation and benefit of the AIFM directive. Most respondents expected increased AIFMD implementation costs particularly associated with the required regulatory and compliance reporting.

Arkk Solutions have developed a clever conversion engine that uses an Excel template of the information required by ESMA and converts it to XML for submission to the competent local authority. Our solution is simple, cost-effective and Excel-driven requiring no installation, optional additional systems integration and minimal training, which guarantees a quick and easy technical implementation.

Reference: Global Investor Magazine, (2014), 44% of firms not AIFMD authorised, (accessed on 22/07/2014).