A key date for alternative investment fund managers (AIFMs) is 22 July 2014.
AIFMs applying for a variation of permission will not be required to be authorised by 22 July 2014, provided they have submitted to the FCA a completed application by then. Importantly, the firm must be fully compliant with all the relevant AIFMD requirements from 22 July 2014, including, where necessary, engaging the services of a depositary. However, firms will not be required to comply with the marketing provisions until they are authorised. In addition, the firm will not be entitled to passport their activities into other EEA Member States until the firm receives authorisation and the relevant notification is processed.
Firms wishing to market their non-EEA AIFs in the UK via the Small Third Country or article 42 regimes will need to have submitted a notification to the FCA by 22 July 2014. Those firms submitting an article 36 notification should do so only once they are authorised as an AIFM.
Where a firm has permission to carry on the regulated activity of managing an AIF or managing a UCITS fund, the firm is exempted from requiring permission for any other regulated activity that it may carry on in connection with or for the purpose of such management. However, from 22 July 2014, a firm carrying on insurance mediation activities will not have an exemption for them. If a firm has applied for permission to carry on the new regulated activities of managing an AIF or managing a UCITS and wants permission to carry on insurance mediation activities it needs to notify the FCA before 22 July 2014. This will allow the firm to obtain the necessary permissions, or have them added to its application if this has not yet been determined by the FCA, without needing to apply for a full variation of permission.
View AIFMD latest news, 15 July 2014