Supplementary Guidance – Regulatory Framework for Specialised Fund Manager Categories

(VER01.160926)

INTRODUCTION

1. This Guidance is issued under section 15(2) of the Financial Services and Markets Regulations 2015 (“FSMR”). It should be read in conjunction with FSMR, the relevant Rulebooks of the Financial Services Regulatory Authority (“the Regulator”) and the Guidance & Policies Manual of the Regulator.

2. The Regulator is not bound by the requirements set out in this Guidance and may modify this Guidance at its discretion where appropriate. Unless otherwise defined or the context otherwise requires, the terms contained in this Guidance have the same meanings as defined in FSMR and in the Glossary Rulebook (“GLO”).

3. The Guidance is relevant to:

   1. an Applicant for a Financial Services Permission (“FSP”) to carry on the Regulated Activity of Managing a Collective Investment Fund, where the Applicant seeks to use either the Sub-Threshold Fund Manager (“STFM”) framework or the Institutional Fund Manager (“IFM”) framework;

   2. an Authorised Fund Manager seeking to vary its FSP to use either the STFM or IFM framework; 

   3. an Applicant seeking to manage one or more Venture Capital (“VC”...