The UK Financial Services Authority (FSA) recently posted a survey on its website for completion by UK-based fund managers seeking authorisation or registration under the Alternative Investment Fund Managers Directive (AIFMD). The survey can be found here. The closing date for the survey is 28 March 2013.

AIFMD comes into force across the European Economic Area (EEA) on 22 July 2013 and, from that date, firms that manage alternative investment funds (AIFs) and which are required to be AIFMD-compliant must submit an application for authorisation or registration to the UK Financial Conduct Authority (FCA) (which will come into existence on 1 April 2013 when it takes over the regulatory oversight of these areas from the FSA). The FSA states that the purpose of the survey is to help it better understand the potential number, nature and timing of applications that will be received from UK-based fund managers seeking such authorisation or registration.

The FSA and HM Treasury are keen to ensure that UK firms affected by AIFMD are able to continue doing business with minimal disruption, and the information gathered by the FSA through the survey will help it support firms in their preparations for AIFMD. Options are being explored, including accepting applications for authorisation before 22 July 2013.

Who should respond?

The survey is intended for UK-based fund managers who manage funds that will be AIFs under AIFMD. The FSA has urged firms that could be affected to respond and, in particular, it is seeking responses from firms who:

  • carry out management activities in the EEA; and/or
  • market their AIFs in the EEA,

and intend to continue these activities beyond 22 July 2013 and seek a passport to do so.

Further, the FSA has stated that firms whose business will be disrupted as a result of not being authorised under AIFMD by 22 July 2013, and therefore would not be able to manage or market in the EEA via an AIFMD passport, MUST complete the survey. The FSA will then contact such firms to discuss next steps.