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Neil Campbell, head of alternative investments at Tullett Prebon PLC, said the rules will create "another barrier to entry" for smaller hedge funds. "The main issue will be for smaller hedge funds who may struggle Nike Metcon Flyknit Green

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"As of (Tuesday) it would still be true to say that most managers still have reasonably high degrees of concern over the whole directive as to how best to comply with it."

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The end of the transition period marks the latest stage in a long running battle between European regulators and the hedge fund industry over the best way to regulate the secretive industry after the financial crisis.

Even the regulators now face new tests. Some hedge funds have already questioned how the FCA and other bodies will be able to cope with large numbers of reports sent to them.

"The issue with AIFMD is that the complexity and costs of it still exist. That complexity has still created some uncertainty," AIMA Mr Inglis, who is a former managing director at Barclays Capital and Morgan Stanley, said.

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had to submit applications to the financial regulator under new AIFMD (Alternative Investment Fund Manager Directive) rule.

Managers will also have to submit regular, detailed reports to regulators, a requirement that will be "quite a significant burden for many firms", according to Bovill Mr Kovas.

However, law firm Goodwin Nike Lebron Soldier X Sfg Lux Procter counsel, Glynn Barwick, said the greater issue was for hedge fund managers outside of Europe trying to work out how to market their funds in the EU. "I think (for European managers) the general direction of travel is pretty clear. People know what it is they need to do," he said.

Managers could face penalties for not getting their applications in on time.

´╗┐EU hedge funds scramble to meet new rules

"Of the people we know, they did get their applications in on time," regulatory consultancy Bovill Ltd head of funds, Ashley Kovas, who previously worked at the UK financial regulator, said. "A significant number went into the FCA on Monday."

All sections of the industry now must come to terms with the as yet untested regulations.

Alternative Investment Management Association (AIMA) chief executive officer Jack Inglis said: "Many of our managers are coming to us trying to find out what the middle ground is. is everyone else doing? is one of the common questions." AIMA hedge fund manager members run more than $US1.5 trillion in assets

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An FCA spokeswoman said fund managers were still submitting applications on Tuesday, while FCA figures showed 57 managers had put their applications in between July 7 and 18, taking the total to just under 1,000 in the UK.

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While the precise deadline for applications varies from country to country, Tuesday marked the end of a one year transition period and the start of the period when managers must comply with a list of AIFMD policies in areas ranging from asset valuation to dealing with conflicts of interest and risk management. Even if a manager already had such policies in place, many will have to be tweaked to fit the new rules.

AIMA said areas of AIFMD, such as rules about marketing funds, were being interpreted differently in different countries.

European hedge funds have scrambled to pass their first test under complex new European Union regulations amid confusion over the timing and introduction of the rules.

Tuesday at 5pm (local time) marked the official deadline by which managers in the UK Nike Metcon 2 Women's Black And White

with the detailed reporting requirements and the implicit costs therein," he said.

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UK based hedge fund managers have long argued that banks, rather than hedge funds, were at the center of the financial crisis and that existing regulation by the FCA was adequate.

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