The Financial Conduct Authority has published a draft of the variation of permission form for depositaries of AIFs. This is to gather feedback on the form and the deadline for feedback is 28 June 2013. The FCA confirms firms that are not authorized persons and are interested in acting as the trustee or depositary of an AIF are not able to use the transitional arrangement. Such firms will need to apply to the FCA for authorization and receive the necessary Part 4A permission. The FCA expects to issue the forms to apply for authorization to act as trustee or depositary of an AIF by 22 July 2013. However, the FCA intends to accept draft applications from unauthorized firms prior to 22 July 2013 to ensure applications are processed as quickly as possible.
The full update can be found on the FCA website by clicking here.