The Financial Conduct Authority (FCA) is again urging firms to submit their Alternative Investment Fund Managers Directive (AIFMD) applications as soon as possible.
In a statement released Tuesday on the regulator’s website, GPs are being “strongly encouraged” to submit their applications as soon as possible but “ideally no later than April 22, 2014”.
The FCA is asking for early AIFMD applications as “it can take up to six months to review an application – particularly if there are a high volume of applications at the same time,” said an FCA spokesperson in a previous email to PE Manager.
The spokesperson added that the application process is a “fairly rigorous exercise, and can involve lots of detailed discussion and reviews”. Early applications will help the authorization process move as efficiently as possible, she said.
The FCA said although it is allowing GPs to submit their AIFMD applications by July 22, GPs will not be entitled to market their funds into other EU countries using the directive’s marketing passport until the firm receives authorization.
The regulator goes on to say that GPs also risk business interruption if their last minute application is materially incomplete or deficient and the FCA doesn’t grant authorization.
The FCA expects to receive 776 total AIFMD authorization requests before the July 22 submission deadline, according to official figures obtain by Bovill. Only 361 firms submitted applications as of March 14.
For analysis on what to expect from the application process, see coverage to the right.