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The Alternative Investment Fund Managers Regulations 2013
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The Alternative Investment Fund Managers Regulations 2013, PART3C is up to date with all changes known to be in force on or before 05 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F1PART 3CU.K.MMFs
Textual Amendments
F1Pt. 3C inserted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 4(3)
Manner of application for MMF authorisationU.K.
23G.—(1) An application for an AIF to be authorised as an MMF under Article 5 of the MMF Regulation must—
(a)be made in such a manner as the FCA may direct; and
(b)contain or be accompanied by such information as the FCA may reasonably require for the purpose of determining the application.
(2) At any time after receiving an application and before determining it, the FCA may require the applicant to provide it with such further information as it considers necessary to enable it to determine the application.
(3) Different directions may be given, and different requirements imposed, in relation to different applications or categories of application.
(4) The FCA may require an applicant to provide information which it is required to give under paragraph (1)(b) or paragraph (2) in such form, or to verify it in such manner, as the FCA may specify.
Procedure in relation to the refusal of an application for MMF authorisationU.K.
23H.—(1) If the FCA proposes to refuse an application made in respect of an AIF for authorisation as an MMF under Article 5 of the MMF Regulation, it must give the applicant a warning notice.
(2) If the FCA decides to refuse an application—
(a)it must give the applicant a decision notice; and
(b)the applicant may refer the matter to the Tribunal.
Procedure in relation to the revocation of MMF authorisation otherwise than by consentU.K.
23I.—(1) If the FCA proposes to revoke the authorisation of an MMF otherwise than by consent, the FCA must give separate warning notices to the AIFM and the depositary of the MMF.
(2) If the FCA decides to revoke the authorisation of an MMF otherwise than by consent—
(a)the FCA must give each of the AIFM and the depositary a decision notice; and
(b)either of them may refer the matter to the Tribunal.]
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