UK regulation of alternative investment fund managers—essentials
Published by a LexisNexis Financial Services expert
Practice notesUK regulation of alternative investment fund managers—essentials
Published by a LexisNexis Financial Services expert
Practice notes
This Practice Note explores key elements of the UK regime for alternative investment funds (AIFs) and their managers derived from the alternative investment fund managers Directive (AIFMD) (Directive 2011/61/EU) since the end of the Brexit transition period.
For information about the EU AIFMD regime, see Practice Note: EU AIFMD—essentials.
AIFMD and the UK collective investment schemes (CIS) regimes
The UK financial services regime broadly divides investment funds into 'regulated collective investment schemes' (RCIS) and 'unregulated collective investment schemes' (UCIS) and funds that are not collective investment schemes (CIS), such as listed funds. For an overview, see: Funds and asset management—general—overview.
A UCIS is a CIS that is neither an 'authorised fund' nor a 'recognised scheme' under the FCA rules.
UK unregulated funds include:
- •
unauthorised unit trusts
- •
limited partnerships, and
- •
investment trusts
In this context, 'unregulated' simply means that these entities are not formally approved or recognised as CIS in the UK; it does not mean that they are not subject to UK or other regulatory requirements.
Prior to the implementation
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Alternative Investment Fund Managers definition
What does Alternative Investment Fund Managers mean?
EU fund managers that manage alternative investment funds such as hedge funds and private equity, regardless of whether the funds are EU or non EU AIFs and managers that manage EU AIFs or market one or more AIFs in the Union regardless of whether such AIFs are EU AIFs or non-EU AIFs.
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