The U.K. regulation on alternative investment fund managers: a difficult compromise between two different legislative approaches

The transposition of the AIFMD in the domestic systems of the EU Member States has changed significantly the legal framework of reference for alternative investment fund managers. In transposing the Directive, however, the UK Legislature and Regulator succeeded in maintaining in the internal regulation some elements that could be able to attract financial players and investors from other jurisdictions. The article analyses these peculiarities and argues that due to them the UK financial sector could continue to develop in the future despite some new additional burdensome requirements. Brexit creates an even more challenging playing field that the UK will have to take into consideration.