16.—(1) A small registered UK AIFM may apply to the FCA for its registration to be revoked, and for a Part 4A permission to carry on the regulated activity of managing an AIF.
(2) In its application, a small registered UK AIFM may apply to become—
(a)a small authorised UK AIFM; or
(b)a full-scope UK AIFM, in accordance with Article 3.4 of the directive.