Under AIFMD, fund managers must be authorised (full scope AIFM) or registered if they manage 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.
Transitional period
The transitional period for firms who managed AIFs before July 2013 has now ended. These firms should have submitted an application for the new permissions for managing an AIF or for AIFMD registration before 22 July 2014. They must also be compliant with the requirements of AIFMD by this date.
There were also transitional arrangements for non-EEA AIFMs wishing to market in the UK using the National Private Placement Regime (NPPR) and who managed an AIF immediately before 22 July 2013 and marketed that AIF in an EEA State before 22 July 2013. These AIFMs must have notified the FCA about the marketing of AIFs in the UK before 22 July 2014.
Authorisations
Full-scope firms
AIFMs managing Alternative Investment Funds (AIFs) above the threshold of Assets under Management (AuM) set out in Article 3 of the Alternative Investment Fund Managers Directive (AIFMD) will need to be authorised by the FCA and will be subject to the full requirements of AIFMD. This type of firm will be referred to as a ‘full-scope UK AIFM’.
Sub-threshold firms may also opt-in to the full scope of the Directive and become a full-scope UK AIFM.
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 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 as relevant
Please be aware that the Schedule of AIFs was updated on 8 May 2014. Please ensure you have completed the latest version of the schedule before submitting your application. Firms submitting an application to be authorised as an AIFM after 8 May 2014 must provide the latest version of the Schedule of AIFs, previous versions will not be accepted.
New entities
New entities requiring full-scope UK AIFM authorisation should 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 as relevant
Please be aware that the Schedule of AIFs was updated on 8 May 2014. Please ensure you have completed the latest version of the schedule before submitting your application. Firms submitting an application to be authorised as an AIFM after 8 May 2014 must provide the latest version of the Schedule of AIFs, previous versions will not be accepted.
To the extent that 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. To help process your application we also request that a completed form pack be emailed to authorisation3@fca.org.uk. More information is available on completing and submitting your application.
Please note that you should enclose the new authorisation fee as per the Wholesale Investment Firms Application only; you do not need to enclose the VoP fee in addition.
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 (please see the VoP form for full-scope AIFMs for more details).
We have further information to help answer questions concerning previous convictions.
Sub-threshold firms
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 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
Please be aware that the Schedule of AIFs was updated on 8 May 2014. Please ensure you have completed the latest version of the schedule before submitting your application. Firms submitting an application to be authorised as an AIFM after 8 May 2014 must provide the latest version of the Schedule of AIFs, previous versions will not be accepted.
New entities
New entities requiring authorisation as a small authorised UK AIFM should 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
Please be aware that the Schedule of AIFs was updated on 8 May 2014. Please ensure you have completed the latest version of the schedule before submitting your application. Firms submitting an application to be authorised as an AIFM after 8 May 2014 must provide the latest version of the Schedule of AIFs, previous versions will not be accepted.
To the extent that 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. To help process your application we also request that a completed form pack be emailed to authorisation3@fca.org.uk. More information is available on completing and submitting your application.
Please note that you should enclose the new authorisation fee as per the Wholesale Investment Firms Application only; you do not need to enclose the VoP fee in addition.
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
Firms requiring a registration as a small registered UK AIFM for categories (a) and (b) above should 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)
Please be aware that the Schedule of AIFs was updated on 8 May 2014. Please ensure you have completed the latest version of the schedule before submitting your application. Firms submitting an application to be authorised as an AIFM after 8 May 2014 must provide the latest version of the Schedule of AIFs, previous versions will not be accepted.
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.