Europe's new hedge fund regime – the Alternative Investment Fund Managers Directive (AIFMD) – officially came into force on July 22, but a wave of late applications in the UK has left many funds waiting for approval from the Financial Conduct Authority (FCA). Firms stuck in the queue can continue marketing to UK investors but have had to stop fundraising efforts outside the UK. Some firms are worried the hold-up could extend beyond the industry's summer lull.
"If the FCA can get through this
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