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Alternative Investment Fund Managers ("AIFM")

FAQs

The purpose of this page is to make sure that the application process is fully understood.

This section sets out:

  • Alternative Investment Fund Managers ("AIFM")
  • What would this Licence allow you to do?
  • Capital Requirements
  • What do you need to submit?

Alternative Investment Fund Managers ("AIFM")

The Alternative Investment Fund Managers Directive 2011/61/EU (“AIFMD”) was transposed in Gibraltar legislation via the Financial Services (Alternative Investment Fund Managers) Regulations 2013. AIFMD does not directly regulate the operations of Alternative Investment Funds (“AIFs”) but instead regulates the managers of the AIFs; i.e. the alternative investment fund managers (“AIFMs”). It is therefore prudent to determine who the AIFM is for the purposes of the AIFMD as some AIFs may themselves be considered AIFMs.

What would this Licence allow you to do?

This licence will allow the applicant to manage one or more AIF.

Capital Requirements

An AIFM’s minimum initial and ongoing capital requirements are the higher of:

  • €125,000 (or where a self-managed AIFM, €300,000); or
  • The own funds calculations as per AIFMD.

What do you need to submit?

An application pack is required to be submitted together with all the relevant documents.

An application will not be considered complete if there are any outstanding documents.

The application pack must consist of:

Any other document the application considers the FSC should take into consideration as part of the application.

An AIFM applying for authorisation shall provide the following information relating to the AIFM to the FSC:

  • Information on the persons conducting the business
  • AIFMs shareholders
  • Organisational structure
  • Information on the AIFs it intends to manage:
  • The investment strategies including the types of underlying funds, AIFM’s policy on the use of leverage and the risk profiles
  • The rules or instruments of incorporation of each AIF
  • Arrangements made for the appointment of the depositary for each AIF

Business Plan

The business plan should clearly and comprehensively set out:

  • The firm’s proposed activity and how it will be conducted
  • The resources that will be made available and the systems that the applicant intends to employ
  • How clients will be attracted
  • What arrangements will be put in place to safeguard customer monies and/or assets
  • How records will be maintained
  • How, and by whom, any significant decisions will be made
  • How the firm complies with the Anti-Money Laundering requirements
  • The level and nature of fees to be charged to the firm’s clients
  • If the applicant forms part of a larger group, details should also be provided of the activities of the group and a description of their structure.

The FSC will also be seeking evidence that the firm has considered the risk, compliance and operational issues associated with the proposed activities, as well as evidence that these have been documented and implemented.

Firms should consider the AIFMD requirements in their entirety prior to submitting an application. The FSC Information Pages may also be of assistance as they set out the requirements specific to the relevant area.

Application Forms

Should you get an error when opening any of the forms, please check the FAQ tab for guidance on how to override this.

  Application Form
  Individual Questionnaire
  Body Corporate Questionnaire
  AIFM Reporting Template - Authorised AIFM

A1 - This form should be completed and submitted to the FSC by authorised AIFMs and authorised self-managed AIFs.

Service Level Standards

The current service level standards are:

  • To provide initial feedback to an application within 5 weeks of a complete application being received.
  • Once all of the information has been received from an applicant and the application is therefore considered to be complete, we aim to provide an in principle decision within 4 weeks.

Please be advised that the above service level standards refer to the period of time in which the GFSC holds applications for consideration. Where we require further information or documents from an applicant the service level standards will be suspended until we receive the requested information. The period of time an application is pending because of factors outside the control of the GFSC will not be accounted for under the service level standards.

Please note that should we be unlikely to meet our SLS’s, we will advise you as soon as possible.

The purpose of this page is to set out:

  • What is an extension?
  • What do you need to submit?
  • Guidance

What is an extension?

Firms or individuals that are already licensed by the FSC may apply to extend their authorisation/licence to provide additional financial or professional services.

If you are seeking a licence, authorisation or registration under a separate Act, please contact the Authorisation team so that we can determine what documents you are required to submit.

What do you need to submit?

An application pack is required to be submitted with all the relevant documents.

An application will not be considered complete if there are any outstanding documents.

The application pack must consist of:

  • Application Fee (if applicable)
  • Revised Business Plan
  • Financial projections for the the next 3 years, clearly identifying the impact of the additional business
    • Profit and loss account
    • Balance sheet
    • Returns (these need to be on a quarterly basis for the first year and then annually for the following 2 years)
  • Individual Questionnaire (for any new individual holding a notifiable position)
  • Body Corporate Questionnaire (for any new entity within the structure)
  • Trust Questionnaire (if applicable)

Any other document the applicant considers the FSC should take into consideration as part of the application.

Guidance

The licensee should consider and provide information on the following:

  • What new licence/authorisation it requires
  • The type of new business/activity
  • Where the business will be sourced
  • Resources to deal with the additional business
  • The impact of the additional business on its capital requirements
  • What changes are being effected to its systems and controls.