The FCA has updated its “latest news” webpage on the Alternative Investment Fund Managers Directive (AIFMD). The updated webpage contains additional information relating to authorisation applications made by firms managing alternative investment funds (AIFs) during the one-year transitional period ending on 22 July 2014.

The FCA has amended the text of the section “Update on applications during the transitional period”, as follows:

  • first paragraph. A new final sentence has been added to clarify that the extension of the transitional provision will not apply to firms applying for a new authorisation;
  • third paragraph. A new second sentence has been added to the first bullet point to explain that UK firms without the necessary authorisation on 22 July 2014 will not be required to comply with the AIFMD’s marketing provisions until they are authorised;
  • third paragraph. A new second sentence has been added to the second bullet point to ask firms to note that an existing MiFID firm will not be able to continue to use its MiFID passports if it has applied to be authorised as a full scope alternative investment fund manager (AIFM) and will need to wait until it is authorised to be able to exercise passport rights in relation to the MiFID activities in article 6(4) AIFMD; and
  • new final paragraph. This explains that 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 by 22 July 2014. Those firms submitting an article 36 notification should do so only once they are authorised as an AIFM.

View AIFMD latest news, 23 April 2014