Here we explain the application process for full-scope AIFMs.
An application for the Part 4A permission of managing an Alternative Investment Fund (AIF) is complete if it contains the information detailed in regulation 5(8) of the AIFM Regulations 2013.
If the required form and attachments are supplied by the applicant and are sufficient enough for us to make a decision, then the application will be considered complete.
Prepare your application
Your application must include:
- final documents and not draft versions *
- electronic versions of all forms and supporting documentation
- additional signed paper copies of all forms requiring a signature
You must complete all sections of each form, using ‘N/A’ where appropriate. Your answers should be clear, concise and accurately reference the relevant parts of any supporting documents.
* This means that your documents should comply with the Directive and be provided in the form in which you intend for execution. In the vast majority of cases this means that the documents will be signed. If you are in a Limited Partnership Agreement we will accept your documents in short form, but if there is an amendment and restatement of this agreement you may need to send us a material change notification form.
Schedule of AIFs
Your application must include a complete schedule of AIFs. You need to submit this in its original xls format, using the relevant drop-down lists in the section of the application form that covers the AIF schedule.
Signed depositary agreements
It is not necessary to provide the contractual agreements themselves, rather details of those arrangements.
This means that your firm should be sufficiently advanced in the contracting process and able to:
- provide the details of a single depositary, and
- be confident that the arrangements agreed with the depositary will comply with AIFMD
When we receive an application, we may ask to see agreements in place with depositaries.
Ensure your application is complete
Please submit complete applications to avoid delays to the application process (in line with Regulation 5(8) of the AIFM Regulations 2013).
The statutory timeframe for determination (when you become authorised) will only start once your application is complete.
Providing information after submitting your initial application
While you should aim to send us all your information together when you submit your initial application, there are 3 sets of information you can send us afterwards provided it is at least 1 month before you intend to start managing an Alternative Investment Fund:
- AIF rules and Instruments of incorporation for all AIFs subject to the application
- confirmation of contractual relationships with depositaries and delegates
- the disclosures required by FUND 3.2 (Investor information)
If we don’t receive this information at the latest, 1 month before the date on which you intend to start managing an AIF and it is not final and compliant with the requirements of AIFMD when it’s provided, you will not be able to start managing the AIF.
There is information about this in section 8.4 (a-c) of the Variation of Permissions form.
(The above also applies where the VoP form is being used for the purpose of a new authorisation.)
Preparing your submission
Send all your forms together as one complete application submission. Within that, each form and its supporting documents should be separated into zip files or a file structure that allows easy identification of the contents. All file names should begin with your firm’s FRN (or firm name for new applications), followed by the form and/or document title. Clear and simple labelling will help us assess your application and reduce delays.
Our mailbox servers will not accept any emails that are larger than 35mb in size. If the email containing your application exceeds this, please split it out and send as multiple emails.
Submit your application
Send your completed application to [email protected].uk.
The subject line of the email should contain your FRN (or firm name for new applications) followed by the type of AIFMD application. For example, for an AIFMD Full-scope VoP with an FRN of 123456, record ‘123456 AIFMD Full-scope VoP’.
Send your data securely
You must send your data encrypted, using either our PGP Key (preferable) or a password-protected WinZip file.
You can also provide the data on a CD or USB (password protected – we will request the password on receipt of the application).
If you have any queries regarding the secure submission of your data, please contact us including ‘AIFMD’ in the subject line if you choose to email us.
After submitting your application
Once you have applied for authorisation or a variation of permission, we will decide whether there is enough information to assign you to a case officer. If the application is deemed to be incomplete, we will notify you and ask you to send us the necessary information.
When your application has been assigned to a case officer, we will contact you to request any additional information or assurance during the application process. We will try to respond promptly to your queries about the progress of your application, but it may not be possible to provide regular communication throughout the application process.
Electing an authorisation date
Your firm is legally entitled to have your complete full-scope AIFM application determined within 3 months (or 6 months if we consider it necessary due to the specific circumstances of the case).
If you have specific requirements around the timing of your authorisation, we will do our best to help with your request.
If you request an authorisation date that is more than 3 months after the date you submit a complete application, it is possible to request a deferral of determination beyond the normal 3-month statutory time limit. You should make this clear in your application, explaining the reasons for the deferral and telling us your preferred authorisation date. You will also need to explain this in section 1.2 in the Variation of Permissions form.
If your application is incomplete
If we deem your application to be incomplete, we'll notify you to ask for the missing information.