The Application Process For Alternative Investment Fund Managers Is Likely To Be Fairly Short

In the draft proposal for a new law on alternative investment fund managers ("AIFM"), necessary to meet the requirements of the EU directive on AIFMs, the application process for authorization of AIFMs is shorter than in other similar application processes. In the draft proposal, the Financial Supervisory Authority, the competent authority, must decide whether or not authorization has been granted within three months of a complete application's submission.

This fairly short time limit puts pressure on the Financial Supervisory Authority. For this reason, the draft proposal stresses that applications for authorization should be completed properly before being submitted to the Financial Supervisory Authority. According to the draft proposal, applicants may contact the Financial Supervisory Authority before submitting their applications to ensure that the applications are completed properly. The fundamental principles of good administration contained in the