LONDON, July 23 Nearly three quarters of the
fund firms who applied to become Alternative Investment Fund
Managers by a July 22 deadline were approved, the Association of
the Luxembourg Fund Industry said in a statement.
Of the 215 applications made by the deadline, 151 were
A further 558 fund firms had asked to register by the
deadline, of which 487 had been.
The new European regulatory regime for alternative
investment managers was launched a year ago, and gave firms 12
months to apply for a licence that would enable them to sell
their funds across the European Union.
While many European firms had applied for the licence, some
foreign managers had held back due to uncertainty about the
application of the new rules by national regulators, as well as
the costs of applying for the licence.
(Reporting by Simon Jessop; editing by Nishant Kumar)