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.
Authorisation
Full-scope firms
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
If you are a UK full-scope firm or sub-threshold firm and want to opt-in to the full scope of the Directive, you can vary your permission by obtaining the ‘managing an AIF’ permission.
You will need to complete the following forms:
- Variation of Permission (VoP) form for full-scope AIFMs
- Schedule of AIFs for full-scope UK AIFMs, including notes for the completion of the form
- Article 23/FUND 3.2.2R Disclosure checklist
- Passporting forms (if relevant):
New entities
If your firm is a new entity that requires full-scope UK AIFM authorisation, you will need to complete the following forms:
- Wholesale Investment Firms Application
- Variation of Permission (VoP) form for full-scope AIFMs
- Schedule of AIFs for full-scope UK AIFMs, including notes for the completion of the form
- Article 23/FUND 3.2.2R Disclosure checklist
- Passporting forms (if relevant):
Where the Wholesale Investment Firm Application form and the VoP form ask for the same information, please provide the information in the VoP form only.
We require signed paper copies of all forms requiring a signature. You'll also need to email us your completed application pack to [email protected].
Find out more about the application process.
If you enclose the new authorisation fee as per the Wholesale Investment Firms Application only, you do not need to enclose the VoP fee as well. Read more about AIFM fees.
Senior persons for internally managed full-scope AIFMs
If you are applying to become a full-scope UK AIFM which is an internally managed AIF, you may also need to complete the senior persons form (see the VoP form for full-scope AIFMs for more details):
The following information helps answer questions concerning previous convictions:
Sub-threshold firms
If you are an AIFM that manages AIFs below the threshold in Article 3 of AIFMD, you must be authorised or registered with us 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 need to comply with the requirements set out in Article 3 of AIFMD, which mainly relate to reporting. Small authorised UK AIFMs will also be subject to existing regulatory requirements.
Small authorised UK AIFMs
Variation of permission
For firms that are currently authorised persons and want to become small authorised UK AIFMs, please complete the following forms:
- Variation of Permission (VoP) form for small authorised UK AIFMs
- Schedule of AIFs for small authorised UK AIFMs, including notes for the completion of the form
New entities
If your firm is a new entity and requires authorisation as a small authorised UK AIFM, please complete the following forms:
- Wholesale Investment Firms Application
- Variation of Permission (VoP) form for small authorised UK AIFMs
- Schedule of AIFs for small authorised UK AIFMs, including notes for the completion of the form
Where the Wholesale Investment Firm Application form and the VoP form ask for the same information, please provide the information in the VoP form only.
We require signed paper copies of all forms requiring a signature. You'll also need to email us your completed application pack to [email protected].
Find out more about the application process.
If you enclose the new authorisation fee as per the Wholesale Investment Firms Application only, you do not need to enclose the VoP fee as well. Read more about AIFM fees.
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.
In summary, this 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
If your firm needs to be registered as a small registered UK AIFM for categories (a) and (b) above, please complete the following forms:
- Application for entry on register of small registered UK AIFMs
- Schedule of AIFs for small registered UK AIFMs, including notes for the completion of the form (please complete the AIFs tab)
Register of Small Registered UK AIFMs
Download the Register of Small Registered UK AIFMs
We have further information for firms requiring registration for EuVECA or EuSEF.