The Financial Conduct Authority (the "FCA") in the United Kingdom has provided an update on the timeframes applying to applications for authorisation as an Alternative Investment Fund Manager ("AIFM"). This update will be of interest to those funds established in Ireland that may have UK based managers/investment managers seeking authorisation with the FCA.
Under the provisions of the UK regulations governing the implementation of the Alternative Investment Fund Managers Directive (the "AIFMD"), firms seeking authorisation as an AIFM are afforded a transitional period during which they can ensure that their management or depositary activities comply with the provisions of the AIFMD.
The FCA has clarified that firms may continue to manage alternative investment funds ("AIFs") without authorisation or registration as an AIFM until 21 July 2014. However, after that date, should they wish to continue such activities, an application seeking authorisation or registration as an AIFM must be submitted to the FCA.
The FCA has advised that such applications should be filed with the FCA by 22 January 2014 so that in the event the FCA requires a full six months to consider an application, authorisation or registration can be secured by the 22 July 2014 deadline.
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