PART 3 U.K. Small AIFMs

Procedure when refusing an application U.K.

13.—(1) If the FCA proposes to refuse an application made under regulation 11(1) [F1 , Article 15 of the EuSEF Regulation or Article 14 of the EuVECA 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.

[F2 (3) Paragraph (2)(a) does not apply in relation to an application for registration as a EuSEF Manager or a EuVECA Manager (in respect of which see Article 15b of the EuSEF Regulation or Article 14b of the EuVECA Regulation).]

Textual Amendments

F1 Words in reg. 13(1) inserted (1.3.2018) by The Alternative Investment Fund Managers (Amendment) Regulations 2018 (S.I. 2018/134), regs. 1(2), 2(5)(a)

F2 Reg. 13(3) inserted (1.3.2018) by The Alternative Investment Fund Managers (Amendment) Regulations 2018 (S.I. 2018/134), regs. 1(2), 2(5)(b)