Ron Weekes, managing director of Complyport Ltd,
outlines the best ways to secure FSA regulatory
Unlike some global jurisdictions, the UK requires hedge fund
managers to be registered with the competent authority before
they commence any regulated activity. In the UK, that body is
the Financial Services Authority (FSA), which is empowered by
the Treasury and statute.
The FSA requires firms wishing to register to be "Authorised
in accordance with Part IV of the Financial Services &
Markets Act 2000". Fund managers must make an application to
the FSA for Part IV Permission, by submitting the relevant
forms and supporting documentation to the Corporate
Authorisation department. With professional assistance, the
typical fund management company's application is likely to take
one to two weeks to construct.
The FSA have a statutory time-limit of no more than 12
months to consider an application. While this time-limit is
defined by the Act,...