The FCA has confirmed it is aiming to provide further information during May on the process for authorisation to the specific firms identified by their AIFMD Survey as needing early authorisation in order to prevent disruption to their business. They continue to work on the authorisations process and will provide details to all other firms in June to explain the process for making an application on or after 22 July 2013.
The FCA goes on to reference the recent HM Treasury confirmation that they are proposing to include a transitional provision enabling some depositaries to act for AIFs prior to obtaining the new Part 4A permission of “acting as trustee or depositary of an AIF”. Further details will be announced, but is unclear whether this transitional provision will apply to existing trustee businesses or potential new depositary businesses.
The FCA also notes its communication to the industry around the authorisation process is later than anticipated due to the need to gain clarity over certain key decisions from Europe.