On 1 April 2014, the FCA updated its “latest news” webpage on the AIFMD with information relating to authorisation applications made by firms managing AIFs during the one-year transitional period ending on 22 July 2014.
The FCA reminds firms that AIFMs are not required to be authorised by 22 July 2014, but that they must submit a complete application by that date. However, firms that defer their application until the end of the transitional period and therefore do not have the necessary authorisation on 22 July 2014 should be aware that, from that date they:
- must be fully compliant with all relevant AIFMD requirements, including, where necessary, engaging the services of a depositary;
- will not be entitled to passport their activities into other EEA Member States until the firm receives authorisation and the relevant notification is processed; and
- may be at risk of business interruption if their application is materially incomplete or deficient and, as a result, authorisation cannot be granted.
Given these potential consequences, the FCA is strongly encouraging firms to submit their applications as soon as possible, and ideally no later than 22 April 2014.
View FCA “latest news” webpage, 1 April 2014