The competent authorities can withdraw authorisation in certain circumstances. These are where the AIFM:

  • does not make use of the authorisation within 12 months of being granted, expressly renounces the authorisation or has ceased the activity covered by the Directive for the preceding six months;
  • has obtained authorisation through false statements;
  • no longer fulfills the conditions under which authorisation was granted;
  • no longer complies with the requirements of the Capital Requirements Directive;
  • has seriously or systemically infringed the provisions of the Directive; or
  • within any of the cases where national law, in respect of matters outside the scope of the Directive, provides for withdrawal.1


Footnotes: 1. It is not clear what is meant by this final situation. It may mean that Member States can impose additional requirements provided they do not contradict the express provisions of the Directive, or it may address matters unrelated to the Directive such as criminality and insolvency.