CP12/32: Implementation of the Alternative ... - BVCA admin

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Authorisations
November 2012
CP12/32
Implementation of the Alternative Investment Fund Managers Directive
4.1 The Directive requires AIFMs to be authorised in their Home State to manage an AIF, from
22 July 2013 (subject to the transitional provisions, as explained in Chapter 2). Firms
authorised in accordance with Article 6 of the Directive and subject to its full requirements
are referred to in the Handbook as ‘full scope UK AIFMs’.
4.2 The Directive gives Member States discretion to permit a lighter regime of registration for
certain sub-threshold AIFMs. This is covered in the Treasury’s consultation document. We
will consult on proposals for how the authorisation or registration processes will be applied
to firms that are not full scope UK AIFMs in CP2.
Regulated activities
4.3 The Treasury also intends to change how the Regulated Activities Order (RAO) categorises
fund management activities. At present, fund operators must be authorised to carry on the
activity of establishing, operating and winding up a collective investment scheme (CIS).
There is a separate activity of acting as sole director of an open-ended investment company
(OEIC). Acting as trustee of an authorised unit trust (AUT) or depositary of an OEIC are
also specified activities.
4.4 The Treasury consultation document explains how the RAO activities will be aligned with
European legislation, through creating the new regulated activities of:
• managing an AIF;
• managing a UCITS;
• acting as a depositary of an AIF; and
• acting as a depositary of a UCITS.
4.5 Firms that are authorised to carry on the new regulated activities of managing an AIF or a
UCITS will not need to hold a permission to establish and operate a CIS in relation to the
AIF or UCITS they have been authorised to manage. Where a person other than the
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