The Alternative Investment Funds Managers Directive (Directive 2011/65/EU) (AIFMD) established an EEA-wide framework for regulating, monitoring and supervising risks posed by AIFMs and the AIFs they manage. It also established a ‘passporting’ system . This instrument makes amendments to existing UK legislation which implemented AIFMD, and Commission delegated and implementing regulations related to AIFMD, to ensure they continue to operate effectively in a no deal scenario after exit day. The instrument also establishes a ‘temporary permissions regime’, enabling EEA funds and AIFMs that have notified the FCA of their intention to market in the UK via a passport before exit day to continue to access the UK market for a limited period after exit day. This SI sets out the design and structure of such a regime for AIFs and AIFMs (including EuVECAs, EuSEFs, ELTIFs and MMFs which use an AIF structure).
Also see EU Exit SI tracker