On July 22, the UK law implementing the Alternative Investment Fund Managers Directive (AIFMD) came into force. The scope of the AIFMD is broad (with a few exceptions), creating a tighter regulatory framework for alternative investment fund managers (AIFMs), including managers of investment trusts, hedge funds and private equity firms.

On July 23, the Financial Conduct Authority (FCA) published a new webpage to record permissions and passports granted under the AIFMD. The FCA is updating the Financial Services Register to make the necessary changes, and in the meantime, the FCA will publish the details of firms who have been granted the new AIFMD permissions and any associated management passports. Webpage.