Template:Aifmd intro: Difference between revisions

If you wanted a better example of the bugger’s muddle that [[Brexit]] created, look no further than this. [[AIFMD]] was already, beyond a shadow of doubt, a bugger’s muddle; now it has become some kind of ''pan-dimensional'' bugger’s muddle.

So the UK left the EU, but adopted its directives into UK law, while existing EU regulations, being automatically incorporated into municipal UK law when they were regulated, were the law anyway, so didn’t need to be specifically adopted. AIFMD, like many financial services regulations, is composed of a directive, but is supported by regulatory technical standards imposed by regulation. I’m sure there was a good reason for this, but I don’t have the energy to find out what it was. In any case you now have the [[UK Alternative Investment Fund Managers Regulations 2013]] (which implemented AIFMD into domestic UK law in 2013 and was already a local UK regulation, which is underpinned by the EU Alternative Investment Fund Managers Regulation, delegated regulatory technical standards and so on, because these became law in 2013 of their own motion, and remain law even though the UK wants no part any more of the EU, at least until the UK parliament decides differently (or they are again amended by the EU). But even then we can expect the UK parliament to track the EU regulation. Maybe. Who knows?

But his is just the start. Because both the UK AIFMR and AIFMD apply to third-country fund vehicles and managers who are selling their securities into the EEA (in the case of AIFMD) or EEA ''and the UK'' in the case of UK AIFMR.