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The FCA have announced that they are advising firms to submit applications to register under AIFMD before the end of January 2014. This is six months ahead of the formal deadline of July 22nd 2014.
“This is major announcement”, comments Andrew Shrimpton, global head of regulatory compliance at Kinetic Partners, the global professional services firm.
“Many firms have been considering waiting until later in the transitional period to submit their applications, but the FCA have been clear that in some circumstances, they may require 6 months to determine a firm’s application. We would advise all firms considering registration as UK-based fund manager under AIFMD to submit applications by the end of January as, if there are delays in an application, firms may have to cease business until the point at which the application has been fully determined.
Additionally, the FCA have commented that in their experience through the early authorisation process showed that some applications were ‘incomplete’ and firms need to take extra care to ensure the correct information is provided to avoid any unwanted delay and associated stress.”
