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Existing AIFMs do not have to be authorised until July 2014. In the meantime, they can continue to manage AIF and therefore they should be able to establish new AIF. Similarly, AIF managed by as yet unauthorised AIFM should not need to have a depositary in full compliance with the Directive and Regulation until such time as the AIFM seeks authorisation.
IMA is very concerned that the FCA initially indicated that it will not begin accepting applications for authorisation from prospective AIFMs. AIFMs cannot obtain a marketing passport until they are authorised under the Directive. If this takes three months (together with the 20-day notification period for cross-border marketing), given that a number of Member States are amending or removing their private placement regimes, the FCA's proposed approach could result in UK AIFMs being unable to market into other EU jurisdictions before July and November 2013. It is a necessity for the FCA to provide an expedited process for impacted firms.
IMA urges HMT to adopt the proposed approach for AIFMs and UCITS management companies also for MiFID firms.