We explain how to submit an application for full-scope UK AIFMs and what happens once you've applied.
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An application for the Part 4A permission of managing an Alternative Investment Fund (AIF) is complete if it contains the information detailed in regulation 5(8) of the AIFM Regulations 2013 as amended by the Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2019 (UK AIFMD)[1].
If the required form and attachments are supplied by the applicant and are sufficient enough for us to make a decision, then the application will be considered complete.
Submit your application
Your application must include final documents and not draft versions.*
New entities requiring authorisation or registration should submit their application on our online system Connect.
Find out how to apply using Connect[2]
* This means that your documents should comply with UK AIFMD and be provided in the form in which you intend for execution. In the vast majority of cases this means that the documents will be signed. If you are in a Limited Partnership Agreement we will accept your documents in short form, but if there is an amendment and restatement of this agreement you may need to send us a material change notification form.
Schedule of AIFs
Your application must include a complete schedule of AIFs. You need to submit this in its original xls format, using the relevant drop-down lists in the section of the application form that covers the AIF schedule.
Signed depositary agreements
It is not necessary to provide the contractual agreements themselves, rather details of those arrangements.
This means that your firm should be sufficiently advanced in the contracting process and able to:
- provide the details of a single depositary, and
- be confident that the arrangements agreed with the depositary will comply with UK AIFMD
When we receive an application, we may ask to see agreements in place with depositaries.
Ensure your application is complete
Please submit complete applications to avoid delays to the application process (in line with Regulation 5(8) of the AIFM Regulations 2013) as amended by the Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2019 (UK AIFMD)[1].
The statutory timeframe for determination (when you become authorised) will only start once your application is complete.
Providing information after submitting your initial application
While you should aim to send us all your information together when you submit your initial application, there are 3 sets of information you can send us afterwards provided it is at least 1 month before you intend to start managing an Alternative Investment Fund:
- AIF rules and Instruments of incorporation for all AIFs subject to the application
- confirmation of contractual relationships with depositaries and delegates
- the disclosures required by FUND 3.2 (Investor information)
If we don’t receive this information at the latest, 1 month before the date on which you intend to start managing an AIF and it is not final and compliant with the requirements of UK AIFMD when it’s provided, you will not be able to start managing the AIF.
There is information about this in section 8.4 (a-c) of the Variation of Permissions form[3].
(The above also applies where the VoP form is being used for the purpose of a new authorisation.)
After submitting your application
Once you have applied for authorisation or a variation of permission, we will decide whether there is enough information to assign you to a case officer. If the application is deemed to be incomplete, we will notify you and ask you to send us the necessary information.
When your application has been assigned to a case officer, we will contact you to request any additional information or assurance during the application process. We will try to respond promptly to your queries about the progress of your application, but it may not be possible to provide regular communication throughout the application process.
Electing an authorisation date
Your firm is legally entitled to have your complete full-scope UK AIFM application determined within 3 months (or 6 months if we consider it necessary due to the specific circumstances of the case).
If you have specific requirements around the timing of your authorisation, we will do our best to help with your request.
If your application is incomplete
If we deem your application to be incomplete, we'll notify you to ask for the missing information.