Notification of material changes to AIFM on authorisation

Following authorisation (or whilst an application is in progress) an AIFM must notify its competent authorities of any proposed material changes to the information provided during the initial authorisation process. In particular, an AIFM must update its competent authorities on changes to the investment strategy or policy of the AIFM, to the program of activity, to the AIF's constitutional documents, or any other fundamental changes.

Approval required prior to implementation of changes

Competent authorities have one month to consider the proposed changes during which to impose restrictions on or reject changes. No changes can be implemented unless the competent authorities have confirmed their approval or one month has elapsed without response.