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The Alternative Investment Fund Managers Directive (AIFMD) became effective in July 2013 giving firms with funds in scope until 22nd July 2014 to gain authorisation. These timeframes were very challenging for many impacted firms, as some had not previously been required to gain fund authorisation, whereas others had large or complex fund ranges. This meant updating fund documentation, processes and added transparency reporting. This all needed establishing in a very short period. Some of these processes would need to be continued regularly beyond initial authorisation, such as transparency reporting, which led to selection decisions following the route of least resistance.

ISC offer a review process providing firms a benchmark against industry best practice to ensure continued compliance, with recommendations against areas to improve. The output provides a report giving firms the evidence, if challenged by the regulators, that they have considered their approach...

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