Update, AIFMD

FCA clarifies applications timetable and publishes guide to applying if to provide cross-border services

15 October 2013

FCA clarifies applications timetable

The transitional period for the implementation of AIFMD in the UK ends on 22 July 2014 and existing alternative investment fund managers' (AIFMs) must hold the correct Part 4A permission by that date.

The FCA has clarified that firms have a legal right to have their complete full-scope AIFM application determined within three months (or exceptionally six months), and the FCA has confirmed it will try to process applications as quickly as possible.

Where a firm has specific requirements in relation to the timing of the authorisation, the FCA has stated that it will, where possible, accommodate the firm’s request. However, it has warned that firms should be aware that authorisation within a short timeframe is not always possible.

Where a firm’s requested authorisation date is more than three months after the date it intends to submit a complete application, it is possible to request a "deferral of determination" beyond the normal three month statutory time limit. The application must make it clear a deferral is being requested and provide the reasons for this. Firms wishing to defer should provide the preferred authorisation date, along with the reasons for requesting it, in section 1.2 in the VoP form (headed ‘Timings for this application’).

Guide to applying if to provide cross-border services

The FCA has also recently published a guide to help AIFMs to complete the marketing passport application form, where the AIFM intends to offer cross border services when marketing the AIF.

A copy of the guide has been added to the Resources section of our AIFMD Microsite.