In response to evidence of frustration among affected firms, OWL has launched a new AIFMD Helpline to guide the industry through the array of new rules, regulations and guidance. The Helpline is to be accessed on 020.7389.7028.

Most firms have been heavily committed in recent months, dealing with the implementation of CRD and EMIR; getting to grips with AIFMD as well has seriously stretched the ability of the industry to cope with new requirements, spread across countless sourcebooks and European documents. Recent experience has shown that the guidance most commonly sought is either navigational or involves help with determining where to pitch a response to a subjective requirement.

In launching the new service, Oliver Lodge, director of OWL, said: “AIFMD is a very good example of the problems associated with European regulation. Broad brush directives affecting such a wide range of types of investment fund lead to interminable rules to mould the European intention to the structure of the national and international industry. Having spent several years involved in monitoring the gradual construction of these obligations, we have absorbed the purpose and details and can help firms to cut to the chase.” The Helpline opens with immediate effect.

In response to criticism of the transposition of AIFMD by FSA and FCA, he went on to say, “It is easy to shoot the messenger, but this is a case of the UK regulator working hard to provide practical solutions to aspects of the Directive that were poorly thought through. It is quite clear that they have tried hard to minimise the burden of these requirements. AIFMD may seem hard work, but having seen the structure of EMIR and the ambiguous and contorted drafting of that European Regulation, it is hard to imagine that there is anyone left in the UK who seriously wants a Single European Rulebook.”

17 February 2014

Notes:

1. AIFMD Helpline is reached on 020.7389.7028. It is open with immediate effect.

2. Affected firms are required to apply for permission to become an AIFM by 22 July 2014. By that date they are also obliged to be in compliance with the AIFMD rules.

3. OWL Regulatory Consulting advises and supports investment firms on matters of regulation.