- Published date:
- 22 September 2026
On 3rd September 2026, RE:UK and INREV brought together Gavin Haran (Asset Management and Investment Funds Policy, FCA) and industry experts, Melville Rodrigues (Head of Advisory -Real Assets, Apex Group and Co-Head Fund Policy Committee, RE:UK) Christine Ormond (Knowledge & Innovation Counsel, Goodwin, Public Affairs Committee Member, INREV) John Forbes (Partner, John Forbes Consulting LLP and Co-Head Fund Policy Committee, RE:UK) and Jessica Dhiman (Head of OAIFM Compliance, Octopus Investments and Chair of Investment Association AIFM Working Group) to discuss the proposed reforms from HM Treasury and FCA to the UK Alternative Investment Fund Managers (AIFM) regime and what they could mean for real estate investment managers.
The proposals are intended to create a more proportionate and streamlined UK regulatory framework, while maintaining strong standards of investor protection.
Key proposals
- A new three-tier regime categorising AIFMs as small, medium or large based on aggregated net asset value (NAV), with requirements increasing more proportionately as firms grow.
- Risk management rules better tailored to fund structures, including whether funds are open- or closed-ended and leveraged or unleveraged.
- Leverage requirements would be simplified, replacing some of the existing complex calculations with a more risk-focused approach.
- Valuation rules would change, with clearer responsibility placed on the AIFM and the removal of strict liability for external valuers.
- Regulatory reporting could become simpler and more risk-sensitive, with reduced reporting requirements for many firms.
Fund managers should start considering the wider business impact, including potential changes to governance, permissions, operating models and reporting requirements.
RE:UK will continue to engage with members, the FCA and HM Treasury as the proposals develop and will provide further updates on the reforms.
You can watch the full webinar here:
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