The below is a recent AIFMD update that was sent to Complyport’s clients.
“HM Treasury has just released a statement which differs from the FCA’s previously held view that any firm applying for AIFM authorisation has to be authorised by 22 July 2014 or cease undertaking regulated activities. For clients not affected by AIFMD, this is for general information only.
The 12 month transitional period still comes to an end on 22 July 2014, however, in response to concerns from a wide range of stakeholders, HM Treasury has decided to amend the Alternative Investment Fund Managers Regulations 2013 so that “if a transitional AIFM’s application for authorisation or registration is submitted without sufficient time for the [FCA] to determine the application by 22 July 2014 … that AIFM will be able to continue managing AIFs until the FCA has determined the application”.
Note that:
- Authorisation applications will have to be submitted by 22 July 2014.
- The applicant firm will have to comply with all relevant AIFMD requirements from 22 July 2014 even if they haven’t been authorised by that date.
Notwithstanding this development, HM Treasury “encourage all transitional AIFMs to make their applications for authorisation or registration in good time”.
HM Treasury intends to make an amending statutory instrument in the New Year which will bring these changes into effect, though they acknowledge that there are still certain details to be worked out.
We are told HM Treasury will make a formal announcement here soon.”
