The FCA has updated its web page concerning UK alternative investment fund managers (UK AIFMs). The web page now contains a short section on the application process for prospective AIFMs.
Where a prospective AIFM submits an incomplete application, the FCA will notify the firm and request the necessary information from them. The FCA emphasises that firms should submit complete applications in line with regulation 5(8) of the Alternative Investment Fund Managers Regulations 2013 (the AIFMD UK Regulation) in order to avoid delays to the application process. The statutory timeframe for determinations will only start once an application is complete.
The FCA also reminds firms that any complete applications that contain missing information (in line with regulation 9(a) of the AIFMD UK Regulation), will need to be updated with that relevant information at least one month before the date on which the firm anticipates being authorised (whether this date is the end of the three month statutory timeline or a deferred authorisation date chosen by the firm).
View UK AIFMs, 10 January 2014