Changes to the future regulation of AIFMs.

On 7 April 2025, the FCA and HM Treasury published a call for input and a consultation paper respectively on the future regulation of alternative investment fund managers (AIFMs).

Currently, the regulatory framework for AIFMs is derived, in the main, from the Alternative Investment Fund Managers Directive (2011/61/ EU) (AIFMD).

The intention is to replace this regulatory regime with a new framework which will be set out in FCA rules and secondary legislation.

Below, we set out some of the key points raised by each of HM Treasure in its consultation and the FCA in its call for input.