FCA published the Variation of Permission (VOP) application pack for full scope AIFMs to gather feedback on the form. The closing date for the feedback is 5 July, 2013. A final version will be available for applications from 22 July, 2013.
Sub-threshold firms
Sub-threshold AIFM's that do not opt into the Directive to become a full scope AIFM's do not need to submit an application for early authorisation. They should be able to take advantage of the transitional arrangements to cover their UK activities, and in any event will be unable to passport their activities under the Directive into other EEA Member States.
FCA will publish further information on the application process for sub-threshold AIFMs, including requirements for applying under the regulations on European Venture Capital (EuVECA) and Social Entrepreneurship (EuSEF) funds in due course.
EEA firms
Alternative investment fund managers authorised in their EEA home Member State (EEA AIFMs), will be able to exercise management and marketing passport rights in the UK in relation to certain types of EEA alternative investment fund (AIF), on a services and/or establishment basis, from 22 July 2013 onwards.
In order to exercise these rights, the EEA AIFM’s home Member State competent authority will need to send the relevant notification forms to us, in accordance with the requirements of the Directive.
Existing EEA AIFMS will also be allowed to take advantage of transitional arrangements that apply in relation to activities conducted in the UK for up to one year from 22 July 2013.
It is the firm’s responsibility to be aware of the local regulations that they will need to be comply with.
3rd country firms
Firms based in non-EEA (3rd country) jurisdictions wishing to market AIFs in the UK will also be required to comply with the National Private Placement Regime as well as our financial promotion rules. HMT have put in place transitional arrangements for the regime, for firms to be able to continue to carry on non-EEA activities on the basis of existing requirements.
EEA firms or full scope UK AIFMs managing non-EEA AIFs and wishing to use the National Private Placement Regime will need to comply with Article 36 of the Directive.
Full press release
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