1.

1.1 This explanatory memorandum has been prepared b y HM Treasury and is laid before Parliament by Command of Her Majesty.

2. Description

2.1 These Regulations implement elements of Directive 2011/61/EU of the European Parliament and the Council (“the Directive ”) relating to the authorisation of non-EEA managers of alternative investment funds, the management and marketing of funds by such managers, and the marketing of non-EEA alternative investment funds by UK managers, which will not apply until dates that will be specified in delegated acts to be made under the Directive by the European Commission. The Directive requires Member States to put in place a harmonised regulatory framework for investment funds currently not within the scope of European regulation.

3. Matters of special interest to the Joint Committee on Statutory Instruments