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54.—(1) This regulation applies to—
(a)a full-scope UK AIFM seeking to market an AIF managed by the AIFM that does not fall within regulation 57(1);
(b)a full-scope EEA AIFM, seeking to market to retail investors an AIF managed by the AIFM—
(i)that does not fall within regulation 57(1); and
(ii)where the FCA has not received a regulator’s notice in relation to the marketing of the AIF in accordance with Schedule 3 to the Act (EEA passport rights).
(2) The AIFM must—
(a)apply to the FCA for approval in such manner as the FCA may direct; and
(b)provide such information as the FCA may reasonably require for the purpose of determining the application.
(3) The FCA must determine an application by a full-scope UK AIFM, in so far as that application is for approval to market to professional investors, within 20 working days of receipt of a completed application.
(4) The FCA must determine an application by a full-scope EEA AIFM, or an application by a full scope UK AIFM in so far as that application is for approval to market to retail investors—
(a)if the application relates to an AIF in respect of which the AIFM has made an application for authorisation under section 242 or 261C of the Act or under regulation 12 of the Open-Ended Investment Companies Regulations 2001(1), or for recognition under section 272 of the Act—
(i)before the end of the period for determining that application for authorisation or recognition; or
(ii)if later, within 20 working days of receipt of the completed application under this regulation;
(b)otherwise, within 20 working days of receipt of the completed application under this regulation.
(5) If the FCA approves the application, it must inform—
(a)the AIFM concerned; and
(b)where the AIF concerned is an EEA AIF, the competent authority of the AIF.
(6) If the FCA proposes to refuse the application, it must give written notice to the AIFM concerned, stating the reasons for the proposed refusal.
(7) If the FCA decides to refuse the application—
(a)it must give written notice to the AIFM concerned, informing the AIFM of its right to refer the matter to the Tribunal; and
(b)the AIFM may refer the matter to the Tribunal.
(8) The FCA may refuse an application if it appears to the FCA that the AIFM does not or is unlikely to comply with an implementing provision that applies to it, or would apply to it if the application were approved.
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