If you are an Alternative Investment Fund Manager (AIFM) you must be authorised (full-scope AIFM) or registered if you manage Alternative Investment Funds (AIFs) with assets under management below certain thresholds.
Sub-threshold AIFMs may not benefit from the AIFMD’s marketing and management passports; however, they have the right to opt-in to full authorisation to access AIFMD passports.
If you are an AIFM and manage AIFs above the threshold of Assets under Management (AuM) set out in Article 3 of the Alternative Investment Fund Managers Directive (AIFMD), you are referred to as a full-scope UK AIFM.
This means you will need to be:
- authorised by us
- subject to the full requirements of AIFMD
If you are a sub-threshold firm, you can also opt-in to the full scope of the Directive and become a full-scope UK AIFM. This will enable you to access AIFMD passports.
Variation of permission
UK full-scope firms and sub-threshold firms wishing to opt-in to the full scope of the Directive who want to vary their permission to obtain the ‘managing an AIF’ permission should complete the forms on our online system Connect.
New entities requiring full-scope UK AIFM authorisation should complete the forms on our online system Connect.
AIFMs managing AIFs below the threshold in Article 3 of AIFMD are required to be authorised or registered with the FCA or opt-in to the full requirements of AIFMD.
An authorised sub-threshold AIFM is referred to as a ‘small authorised UK AIFM’ and a registered sub-threshold AIFM is referred to as a ‘small registered UK AIFM’. Both types of AIFM are required to comply with the requirements set out in Article 3 of AIFMD (which mainly relate to reporting) and in addition, small authorised UK AIFMs will be subject to existing regulatory requirements.
Small authorised UK AIFMs
Variation of permission
Firms which are currently authorised persons and which want to become small authorised UK AIFMs should complete the forms on our online system Connect.
New entities requiring authorisation as a small authorised UK AIFM should complete the forms on our online system Connect.
Small registered UK AIFMs
Small registered UK AIFMs must fall into one of the categories set out in regulation 10 of the Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773), which, in summary, allows for the registration of:
- internally managed, closed-ended investment companies (such as investment trusts)
- external managers of certain property funds, or
- managers of European Social Entrepreneurship Funds and European Venture Capital Funds
New entities requiring small registered UK AIFMs for categories (a) and (b) above should complete the forms on our online system Connect.
Register of Small Registered UK AIFMs
We have further information for firms requiring registration for EuVECA or EuSEF.