In December 2013, HM Treasury indicated an intention to extend slightly the deadline for existing managers to apply for authorisation as an AIFM.
When the Alternative Investment Fund Managers Regulations 2013 were first published, transitional managers (ie those managers who managed AIFs immediately before 22 July 2013 and who are still doing so today) had to submit their authorisation/registration applications to the Financial Conduct Authority (FCA) in sufficient time to allow the FCA to determine them before 22 July 2014.
The Treasury has recognised that many fund managers will not be in a position to submit their application that far in advance of the 22 July 2014 deadline. The Treasury has issued an announcement stating that it intends "to amend the Alternative Investment Fund Managers Regulations 2013 to provide that, if a transitional manager's application for authorisation or registration is submitted without sufficient time for the FCA to determine the application by 22 July 2014 (the end of the transitional year), that manager will be able to continue managing AIFs until the FCA has determined the application. The requirement to submit an application before 22 July 2014 will remain in place and all managers will, in any event, be required to comply with all relevant AIFMD requirements from 22 July 2014, even if their application has not yet been determined".
While this extended deadline, if it goes through, will be welcome in many quarters, managers must guard against complacency. In particular, as the Treasury has made clear, the AIFMD will still come fully into force on 22 July 2014 and all those managers who fall within its scope will have to comply with it from that date. This includes those managers who applied before 22 July 2014 but who are waiting for a determination. A delay in making the application would not lead to a delay in having to comply.
All managers who come within the AIFMD's scope should endeavour to get their applications in as soon as possible and to contact the FCA if they think that they are likely to miss the applicable deadline.