The majority of financial services companies in the UK need a licence from the Financial Conduct Authority (‘FCA’) before they can commence business. The licence they require is Part 4A Permission (a reference to that section of the Financial Services & Markets Act 2000, as amended by the Financial Services Act 2012).
Many companies managing alternative investment funds (AIF’s) will require either an amendment to their current licence (called a ‘Variation of Permission’) or will need to apply for permission to manage AIF’s under the Alternative Investment Fund Managers Directive (‘AIFMD’) alongside their Part 4A Permission application.
ACA (Europe) Compliance is a specialised, market-leading service provider for securing the Part 4A Permission and AIFMD variation.
The UK Regulatory Authorisation team that ACA has brought together is second to none and has managed over 550 FSA/FCA licence applications in the last 12 years, enjoying 100% authorisation success. Those applications have included complex hedge fund managers, private equity and real estate fund managers, institutional brokerages, corporate finance, investment advisors, venture capital and cap intro. No-one achieves that amount of success without competence and tenacity. Our team has achieved their track record through a combination of technical and process knowledge, persistence and conscientiousness.
ACA Europe’s specialised four-man ‘Permissions’ team includes three former members of the UK Regulator’s Authorisation and Permissions Department, bringing exceptional insight into the application process. With that amount of experience and success, ACA (Europe) is ideally placed to guide any client through the process and, possibly more importantly, overcome issues that might otherwise present a barrier to that client getting their licence.
We meet all of our clients as often as required during the pre-submission stage to identify any issues, before we then professionally prepare the application pack, present it to the FCA and manage the process through to successful receipt of your licence. In situations where the client must maintain confidentiality, we are experienced in managing the process discreetly and with reduced client input and have been commended on our discretion and results-focused approach.
We believe our approach differs to our competitors and the success our team members have achieved over the last decade evidences our FCA authorisation expertise and results-driven focus.
Whilst we can manage the Part 4A Permission and/or AIFMD Authorisation process as a stand-alone project; for start-up situations we typically see the application to be part of an overall first 12-month compliance plan, including the development of the various manuals, controls, documents, procedures and monitoring programmes necessary to meet the FCA’s expectations. Consequently, we can invite our clients to retain us on an on-going basis (min 12-month period) to address all regulatory and compliance issues that a new firm will need to consider.
Our retained appointment and this wider commitment to focussing not just on the licence but also on post-authorisation is explained to (and well received by) the FCA in the initial submission.