AIFMD Distribution Registration

Regulator
Finanzmarktaufsicht (FMA)

Timing
The condition for equivalence of the rules of the home country with Austrian law can make it difficult to obtain approval. If the conditions can be fulfilled, the registration should take 3 to 6 months.

Notes
Additional requirements amounting to full compliance with AIFMD and the appointment of a local representative in Austria. A manager intending to market to professional or retail investors in Austria must send a Notification Letter to the Austrian FMA together with a confirmation from the home country competent authority and the relevant information as required in Annex II of the Austrian AIFMG.

Regulator
Financial Markets and Services Authority (FSMA)

Timing
Authorisation from the FSMA required, typically obtained within 4 weeks.

Notes
Minimum AIFMD requirements as per Article 42, however, additional confirmations may be requested as part of the application.

Regulator
Finanstilsynet (FSA)

Timing
Minimum three month process for approval.

Notes
Appointment of a depositary required. Additional documentation and confirmations requested as part of the application.

Regulator
Finanssivalvonta (FIN-FSA)

Timing
Authorisation from the FIN-FSA required, typically obtained within 3 months.

Notes
Additional documentation and confirmations may be requested as part of the application. Annex IV pre-reporting form to be filed following approval.

Regulator
Autorité des Marchés Financiers (AMF)

Timing
It is not possible for non-EU AIFMs to market funds under NPPR. Marketing requires authorisation of the AIFM. Gap analysis prior to application is recommended.

Notes
The AIFM must comply with the provisions pertaining to AIFs and French laws and regulations applicable to portfolio management companies (e.g. sufficient capital and own funds, compliance procedures, etc.). Appointment of a depositary required. Private placement only allowed for closed-ended funds, subject to compliance with Prospectus Directive requirements and obligations to comply with the AIFMD passporting process.

Regulator
Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)

Timing
Approval must be obtained from BaFin. Approval times vary depending on the type of AIF and investors – generally between 2 and 4 months.

Notes
Appointment of a depositary required. Some of the application documentation must be translated into German. Additional information, documentation and confirmations requested as part of the application.

Regulator
Guernsey Financial Services Commission (GFSC)

Timing
No notifications or consents are required for non-retail offerings.

Notes
Guernsey is not a member of the EU and therefore AIFMD does not apply. 
Offering documents require review and appropriate disclosures.

Regulator
Commissione Nazionale per le Società e la Borsa (Consob)

Timing
N/A

Notes
NPPR is not permitted in Italy and this is currently not expected to change.

Regulator
Jersey Financial Services Commission (FSC)

Timing
Approximately 5 working days for the FSC.

Notes
Jersey is not a member of the EU and therefore AIFMD does not apply.
Consent in accordance with Control of Borrowing (Jersey) Order 1958 ("COBO") needed for any marketing (unless exemption applies).

Regulator
Commission de Surveillance du Secteur Financier (CSSF)

Timing
Marketing can commence as soon as the CSSF has provided an email acknowledging receipt of the notification, usually within a couple of working days.

Notes
N/A

Regulator
Netherlands Authority for the Financial Market (AFM)

Timing
Immediate - no post-submission waiting period.

Notes
N/A

Regulator
Finanstilsynet (FSA)

Timing
Approval may take several months.

Notes
Norway is not a member of the EU and therefore AIFMD does not apply.
The application should confirm that the Norwegian equivalent conditions of AIFMD Articles 42/36 have been met.

Regulator
KNF (Komisja Nadzoru Finansowego) – Polish Financial Supervision Authority

Timing
It is not possible for non-EU AIFMs to market funds under NPPR. Marketing requires authorisation of the AIFM. Gap analysis prior to application is recommended.

Notes
The AIFM must comply with the provisions pertaining to AIFs and Polish laws and regulations applicable to portfolio management companies (e.g. sufficient capital and own funds, compliance procedures, etc.). Appointment of a depositary required. Private placement only allowed for closed-ended funds, subject to compliance with Prospectus Directive requirements and obligations to comply with the AIFMD passporting process.

Regulator
Portuguese Securities Market Commission (CMVM)

Timing
Approval takes 30 days from the filing date of the documentation or from the additional information requested by CMVM.

Notes
The AIFMD provisions have been transposed without gold plating but CMVM may impose further conditions, e.g. appointment of a local distributor to proceed with payments on subscriptions/redemptions.

Regulator
Comisión Nacional del Mercado de Valores (CNMV)

Timing
Express approval is required for close-ended funds prior to marketing (no prescribed time frame for approval).

Notes
Spain currently only allows private placement of closed-ended funds. Obtaining authorisation to market non-EEA open-ended funds in Spain would be very difficult.

Regulator
Finansinspektionen (FSA)

Timing
Approval normally granted within 60 days.

Notes

• Requirement to prepare a business plan.
• Expect a very thorough review and follow-up by the regulator.
• Payment must be made after submission to initiate the review; submissions by email.
• Use of information brochure when marketing.

Regulator
Swiss Financial Market Supervisory Authority (FINMA)

Timing
Switzerland is not a member of the EU and therefore AIFMD does not apply.

Notes
Private placement to regulated “qualified investors” is permitted. Other investors, such as HNWs and pension funds must opt in to be treated as “qualified investors”. Distribution to certain qualified investors will require the appointment of a local representative and a paying agent. Distribution to retail investors will require FINMA authorisation. Laven can help by providing advice on the distribution options and making appropriate disclosures in offering documents.

Regulator
Financial Conduct Authority (FCA)

Timing
Marketing can commence as soon as the FCA has provided an email acknowledging receipt of the notification, usually within a couple of working days.

Notes
N/A