On 11 February, CBI published its Markets Authorisation Statistics for 2014. This Report sets out statistics in respect of fund service providers, fund authorisations, fund post authorisations, MiFID authorisations and authorisations under the Prospectus Directive. The Report deals with the type of authorisations under each category referred to above, percentage of same achieved in 2014, along with the CBI timeline for each type of authorisation. Some of the findings in the statistics include the following:
- MiFID Level 1 firms – in 100% of cases, the CBI reverted to the applicant with comments within 20 business days of the initial application;
- Alternative Investment Firm Managers (AIFMs) – in 100% of cases, CBI approval of the authorisation was granted within 6 months; and
- Equity Prospectuses – in 100% of cases, the CBI had reverted to the applicant with comments within 10 business days (20 in the case of IPOs) of the initial application.