This guidance applies to existing full-scope Alternative Investment Fund Managers (AIFMs).
If you want to apply to become a full-scope AIFM, please see our AIFMD authorisation pages.
New fund under management
If you're an authorised AIFM, you need to be approved by us to manage new Alternative Investment Funds (AIFs) or sub-funds under the Alternative Investment Fund Managers Directive[1] (AIFMD) before you start managing the new standalone fund or sub-fund.
All full-scope UK AIFMs must complete these forms to notify us of new funds:
- AIFMD new fund under management notification
- Schedule of AIFs for full-scope firms
You will also need to complete an AIFMD management passport (for EEA AIFs) if you want to provide cross-border services in another EEA State under the AIFMD to manage an EEA AIF (that is not a feeder AIF, the master AIF of which is managed by a non-EEA AIFM or is a non-EEA AIF) to professional clients in another Member State.
This form should also be used if you are a UK firm that wishes to notify us of changes to the details of that cross-border service.
Transfer management of a fund
Where the management of a fund transfers from one manager to another, you need to complete and send us these forms:
- notification from the existing manager that they will cease to manage a fund
- new fund notification in respect of that fund from the new fund manager
Marketing
You must apply to us for permission if you're a full-scope UK AIFM and want to market a UK AIF or EEA AIF (that is not a feeder AIF, the master AIF of which is managed by a non-EEA AIFM or is a non-EEA AIF) to retail and/or professional investors in the UK.
To apply for this permission as part of your application to become a full-scope UK AIFM, you won't need to complete the marketing permission form below. Instead, complete the section entitled ‘Approval to market in the UK’ on the Schedule of AIFs.
If you're applying for the permission after you have become a full-scope UK AIFM, you must complete the marketing notification form below and any relevant Annexes:
- AIFMD marketing notification form
- AIFMD marketing - Annex 1: AIF details
- AIFMD marketing - Annex 2: schedule of cross-border marketing rights
- AIFMD marketing - Annex 3: Article 23/FUND 3.2.2R disclosure checklist
- AIFMD marketing - letter template
If you want to market a non-EEA AIF or a UK AIF or EEA AIF that is a feeder AIF, the master AIF of which is managed by a non-EEA AIFM or is a non-EEA AIF, to retail and/or professional investors in the UK, you need to notify us using the National Private Placement Regime (NPPR).
If you're intending to make use of NPPR under Article 36, you must first notify us of your intention to manage the AIF and only then apply for NPPR once we have confirmed that the AIFM has been recorded as the AIFM to the Article 36 AIF.
AIFMD outward passporting for full-scope UK AIFMs
You should complete the relevant marketing and/or management passport forms below if you are a full-scope UK AIFM and want to provide cross-border services in another EEA State under the AIFMD to manage an EEA AIF or market a UK AIF or EEA AIF (that is not a feeder AIF, the master AIF of which is managed by a non-EEA AIFM or is a non-EEA AIF) to professional clients in another Member State.
You should also use these forms if you are a UK firm that wishes to notify us of changes to the details of that cross-border service.
- AIFMD marketing notification form
- FSMA management passport (Branch)
- AIFMD management passport (Services)
We have published a note in support of the marketing passport. It has been written to help firms complete the form effectively, in line with the requirements of the Directive.
Material change
Full-scope UK Alternative Investment Fund Managers (AIFMs) must notify us of material changes to the conditions for initial authorisation, in particular material changes to the information provided at authorisation in accordance with Article 10.
A change should be deemed as material if there is a substantial likelihood that a reasonable investor, becoming aware of such information, would reconsider its investment in the AIF, including because such information could have an impact on an investor’s ability to exercise their rights in relation to investment, or otherwise prejudice the interests of one or more investors in the AIF. Firms are encouraged to assess the materiality of the change being notified against this principle.
Material change to the conditions for authorisation
An AIFM should notify us of a material change at least 1 month before the change takes effect. A material change must be notified before its implementation.
Appointment of an external valuer
Full-scope AIFMs must notify us of the intended appointment of a new external valuer in accordance with FUND 3.9.11. Make these notifications via the AIFMD material change form.
Change risk management policy or procedures
Full-scope AIFMs are required to notify us of material changes to their risk management policies, processes or procedures in compliance with AIFMD Level 2, Article 41. These notifications can be made using the AIFMD material change form.
Other material changes
If you wish to notify us of another type of change which you consider material, please provide a description of the change in the AIFMD material change form including your reasons for treating the change as material.
AIFs affected by other UK permissions or regimes
An AIF may be subject to rules, and an obligation to report changes, in respect of other UK permissions or regimes. Please follow the relevant link(s) for information on reporting a material change under these regimes:
- AIFMD management passport
- AIFMD marketing
- Authorised fund
- Prospectus directive
- Listing regime (for chapter 15 funds)
Notifying us of a material change
Complete the AIFMD material change form form and email it to [email protected].
Marketing material changes
Find out about notifying us of a change to marketing material.
The following firms must notify us of material changes to the information provided with their marketing application:
- full-scope UK AIFMs that market funds in the UK/EEA
- EEA AIFMs that market funds in the UK to retail customers in accordance with regulation 54 of the HMT regulations
- Material changes include where there has been a change to the management of the fund or a change to the information provided to investors under Article 23(1).
When to notify us of a change to marketing information
Notify us:
- of a planned material change at least one month before the change takes effect
- immediately of an unplanned change
How to notify us of a material change to the marketing of funds that you manage
Please complete the AIFMD Marketing Notification Form and the relevant annexes indicating in the form that the submission is a notification of material change.
- AIFMD marketing notification form
- AIFMD marketing - Annex 1: AIF details
- AIFMD marketing - Annex 2: schedule of cross-border marketing rights
- AIFMD marketing - Annex 3: Article 23/FUND 3.2.2R disclosure checklist
- AIFMD marketing - letter template
Email the completed form to [email protected].
AIFM Delegation
Request approval for delegation and sub-delegation of risk and/or portfolio management
A full-scope UK AIFM must seek prior approval from us if it intends to delegate (or sub-delegate) risk management and/or portfolio management functions to an entity that is not authorised or registered for the purpose of asset management and subject to supervision.
Notification of delegation and sub-delegation
A full-scope UK AIFM is required to notify us if it intends to delegate (or sub-delegate) risk management or portfolio management functions to an entity that is registered for the purpose of asset management and subject to supervision. This also applies to the intended delegation of administration, marketing or activities related to the assets of the AIF for which the UK AIFM is responsible.
Change to existing delegate/sub-delegate function
A full-scope UK AIFM must notify us if it intends to change the scope of an existing delegated/sub-delegated function.
How to notify us of a change to delegate arrangements
Please complete the AIFMD Delegation Notification Form and email it to [email protected].
Notification of major holdings and control
Full-scope UK AIFMs and above-threshold non-EEA AIFMs wishing to make notifications in respect of Articles 27 and 28 should complete the notification of major holdings and control of EEA non-listed companies and issuers form.
Email these notifications to [email protected].
Non-compliance of the AIF
You must inform us immediately if you are a full-scope external AIFM that is unable to ensure compliance by an AIF you manage, or by another entity on the AIF’s behalf, with an implementing provision for which the AIF is responsible, in accordance with the HMT AIFMD Regulations 6(1).
Send an email describing the situation with the subject title ‘Non-compliance of an AIF’ to [email protected].