FCA has updated its website to clarify the basis on which AIFMD transitional provisions can benefit firms. It also confirms those seeking authorisation or variation of permission under the AIFMD must apply by 22 January 2014, because if their application has not been determined by 22 July 2014, they will not be able to carry on the relevant activities until FCA has reached its decision. FCA says it should be able to determine applications for full-scope UK AIFMs if it receives applications by 22 April, but it is not legally obliged to do so. The page also refers firms to ESMA's remuneration guidelines and the view FCA previously published on the relationship between the AIFMD and passports under the Markets in Financial Instruments Directive (MiFID). (Source: FCA Updates on AIFMD)