The FCA received 103 full-scope AIFM VoP applications in January 2014 and an additional 95 VoP applications for small AIFM authorisations. In addition, the FCA received 16 full-scope AIFM applications from firms which are currently not authorised by the FCA.  This is a significant increase in volume compared to previous months and the FCA is encouraged that it has received a positive response to its request for early applications.

The FCA continues to encourage firms to submit their VoP applications and makes the point that it has a large team of case officers and staff from its Authorisations and Supervisory divisions in an “all-hands-on-deck” approach to ensuring that applicants will be able to meet the Directive deadline of 22 July 2014.

We have commented in our previous briefings that, whilst it is not too late, submission of VoP applications should now be a priority.