UK AIFM regime

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This Overview provides a guide to the Financial Services content within the UK Alternative Investment Fund Managers (AIFM) regime subtopic, with links to appropriate materials.

What is the AIFMD?

The Alternative Investment Fund Managers Directive 2011/61/EU (AIFMD) entered into force on 21 July 2011 and had to be implemented by EU Member States by 22 July 2013. The AIFMD provides a comprehensive framework for the regulation of AIFMs marketing or managing alternative investment funds (AIFs) in the EU. For information about the EU AIFMD regime, see the Investment funds, asset management, and benchmarks subtopic: Investment funds, asset management, and benchmarks (EU Law) in the EU Law module.

UK implementation of AIFMD

The Financial Conduct Authority (FCA), in conjunction with HM Treasury implemented the AIFMD through changes to primary and secondary legislation and a number of aspects of the FCA’s Handbook, including the introduction of the Investment Funds sourcebook (FUND). The FCA also made a number of operational changes, including changes to the categorisation of certain firms and to certain regulatory returns. For a comprehensive overview of the UK AIFM regime (including

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Latest Financial Services News

BIS launches Project AISE

The Bank for International Settlements (BIS) has launched its Project AISE (Artificial Intelligence Supervisory Enhancer) to create an AI-driven toolkit designed to assist financial supervisors in navigating the complexities of regulatory oversight. With the rapid growth of fintech, regulators face increased demands due to a larger supervised base and evolving regulations. Project AISE aims to enhance supervision, research, and decision-making through AI technology. Additionally, it supports the training of new supervisors by sharing best practices, addressing the challenges posed by fintech growth, and improving overall regulatory processes.

CRR: European Commission proposes permanent NSFR treatment for securities financing transactions

The European Commission has published a proposal to amend the Capital Requirements Regulation (EU) 575/2013 (CRR) to make the current transitional approach to the net stable funding ratio (NSFR) permanent. This aims to ensure banks have stable funding sources and reduce dependency on short-term wholesale funding. The proposal focuses on securities financing transactions (SFTs) and short-term unsecured transactions, maintaining their current treatment to avoid market disruptions and ensure consistency with other jurisdictions. The Commission also proposes mandating the European Banking Authority (EBA) to monitor and report every five years on the appropriateness of the treatment, particularly its impact on the market liquidity of assets received as collateral in SFTs.

FCA pleads for quick motor finance decision from top court

Law360, London: The UK financial regulator urged Britain's highest court on 3 April 2025 to deliver its decision on motor finance commissions 'as soon as possible' so that hundreds of thousands of open complaints can be dealt with in an 'orderly, consistent and efficient way'.

What to know about FCA’s UK listing rules proposal

Law360, Expert analysis: On 31 January 2025, the Financial Conduct Authority (FCA) published consultation paper CP25/2, which sets out further proposed changes to the UK listing rules under the Public Offers and Admissions to Trading Regulations 2024. The proposals follow from CP24/12,[2] which was published in July 2025, and continue the FCA's goal of streamlining the listing process for companies wishing to have securities admitted to UK-regulated markets. Nicholas Pellicani, partner, Vera Losonci, counsel, and Toby Wenham Rogers, associate, at Debevoise & Plimpton LLP, summarise the key proposals in CP25/2.

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