The FCA has updated its “latest news” webpage on the Alternative Investment Fund Managers Directive (AIFMD) on the current status of applications for authorisation. The FCA update explains that:
- 984 applications for authorisation had been received by 5pm on 18 July 2014, 609 of which will be authorised by the close of 22 July 2014;
- a further 93 applications are due for imminent authorisation; and
- the remaining applications are being processed in line with the deadlines laid out in the AIFMD.
The FCA reminds firms that they should ensure that they are aware of how the AIFMD impacts on them and that they are fully compliant with all relevant AIFMD requirements from 22 July 2014. This applies even if firms took advantage of the extension of the transitional period announced by HM Treasury in December 2013. However, the FCA also reminds firms that those using the extended transitional period will not be required to comply with the marketing provisions in the Alternative Investment Fund Managers Regulations 2013 as they will not be able to market their funds into the EEA until they are authorised.
Additionally, despite all of the positive steps being made as a result of the AIFMD, there are still countries such as Iceland, Lithuania, Norway, Poland, Portugal, Romania, Slovenia and Spain that have yet to transpose the AIFMD, which in turn is making it difficult for AIFMs to do business.
View AIFMD latest news, 22 July 2014
View AIFMD implementation incomplete, uncertainty remains – AIMA, 22 July 2014