A full-scope UK AIFM must be either:
A full-scope UK AIFM is permitted under FUND 1.4.3 R (3) to FUND 1.4.3 R (6) to provide certain additional services. Where it carries on those services it is also an AIFM investment firm and subject to additional requirements for those services.
AIFMD provides that an AIFM which has assets under management below certain thresholds (a "small AIFM") may be subject to limited requirements under AIFMD. However, this is subject to the right of EEA States to impose stricter requirements.
A small authorised UK AIFM will be carrying on the regulated activity of managing an AIF and will be subject to FCA rules in respect of that activity. The application of FCA rules to a small authorised UK AIFM will depend on whether it manages an authorised AIF or an unauthorised AIF. A small authorised UK AIFM which manages an authorised AIF will be subject to the requirements in COLL, but a small authorised UK AIFM of an unauthorised AIF will not be subject to COLL.
A small registered UK AIFM will not be carrying on a regulated activity in respect of its activities as an AIFM for an AIF for which it is entitled to be registered. Regulation 10 of the AIFMD UK regulation provides for three categories of small registered UK AIFM:
to fall within the first category the AIFM must:
to fall within the second category the AIFM must:
have a registered office in the UK;
be a small AIFM; and
only manage AIFs which:
are not authorised AIFs;
holds the majority of their assets as land, directly or indirectly, through an entity which also meets the conditions in (ii) to (iv) of this sub-paragraph (but this condition does not apply during the first 180 days and the last 180 days of the period during which the undertaking is an AIF);1
do not hold any specified investments other than:
are1 operated, or will be established and operated, by a person with a Part 4A permission to carry on the regulated activity of establishing, operating or winding up a collective investment scheme.1
to fall within the third category the AIFM must:
Under regulation 16 of the AIFMD UK regulation a small registered UK AIFM may apply to the FCA for a Part 4A permission to manage an AIF. In its application a small registered UK AIFM may apply to become: