Sun May 1, 2005

Cutting through the red tape in the UK

Ron Weekes, managing director of Complyport Ltd, outlines the best ways to secure FSA regulatory authorisation

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,...

ISSN: 2151-1845 / CDC10004H

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