New Deadline Set for FCA Applications for New Permissions under the Alternative Investment Fund Managers Directive

August 23, 2013

UK asset managers may have understood that they had until July 2014 to apply to become Alternative Investment Fund Managers (AIFMs) under the AIFM Directive (AIFMD). However, in a recent statement, the UK Financial Conduct Authority (FCA) issued new advice aimed at putting them on a tighter timetable. Specifically, the FCA stated that a firm relying on the UK’s transitional arrangements under the AIFMD that wishes to become a “full-scope UK AIFM” must have its new FCA permissions in place by 22 July 2014 at the latest. To be sure of achieving this, the FCA advises firms to file their applications by 22 January 2014. Accordingly, asset managers should aim to finalise their plans for operating under the new regime as soon as possible with a view to making their applications to the FCA in the first part of 2014.

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