CP12/32: Implementation of the Alternative ... - BVCA admin

More documents

Recommendations

Info

CP12/32 Implementation of the Alternative Investment Fund Managers Directive Financial stability Annex 4X 5. Our proposed rules for AIFMs, the funds that they manage, and depositaries are likely to improve conduct and prudential standards, reduce the risk of investor losses associated with default, limit opportunities for regulatory arbitrage, inform regulators concerning the positions and exposures taken by AIFs, and thus contribute to greater financial stability. Compatibility with the proposed FCA statutory and regulatory objectives 6. The policy proposals and draft rules in this consultation also contribute to the proposed statutory and regulatory objectives of the FCA. Ensuring that the relevant markets function well 7. Our proposals will generally improve the functioning of the market for asset management and depositary services. For instance, the new investor disclosure rules are likely to provide better and more consistent information to investors choosing AIFs, and AIFs passporting across Europe will compete for investors while being regulated. Consumer protection objective 8. Please refer to paragraph 3 regarding consumer protection under the FSA objectives. Integrity objective 9. We would expect the draft rules to strengthen professional standards and regulatory accountability for AIFMs, depositaries and others, which would increase integrity. As explained above the rules should also contribute to the stability of the financial system. Competition objective and duty 10. We would expect that the draft rules would improve competition for certain sectors of asset management, which have been hampered by disparate operating, prudential and marketing rules both within Member States and across the EU. On the other hand, barriers to entry for providing AIFM or depositary services are likely to increase. A4:2 Financial Services Authority November 2012
Annex 4 November 2012 CP12/32 Implementation of the Alternative Investment Fund Managers Directive 11. In the areas where we have discretion, we have calibrated our rules to the risks that the different activities pose bearing in mind the impact on competition. Compatibility with the principles of good regulation 12. Section 2(3) of FSMA requires that, in carrying out our general functions, we have regard to the principles of good regulation. The need to use our resources in the most efficient and economic way 13. This is our first Consultation Paper transposing AIFMD in the UK. This approach allows us to consult in a timely manner, providing as much clarity as possible in preparation for implementation of AIFMD. We are consulting where we have sufficient certainty to do so – on the Level 1 Directive principles. A second planned consultation provides an opportunity to determine policy options following European policy developments. Our approach to implementation is designed to ensure that we use our resources efficiently. This includes using ‘intelligent copy-out’ wherever appropriate, i.e. adhering to the wording of the Directive as closely as possible. The responsibility of those who manage the affairs of authorised persons 14. Our proposals put responsibility on firms and their management to ensure that conduct and prudential standards such as valuation, transparency reporting, remuneration policies, etc. are properly followed. The principle that a burden or restriction which is imposed should be proportionate to the benefits 15. Although AIFMD is mostly maximum harmonising, in the few areas where we have the option to make a discretionary decision we have taken into account the proportionality principle. The desirability of facilitating innovation 16. Our proposals might constrain certain AIF structures such as those without depositaries, or with significant reliance on investment management delegation, etc. with a resulting impact on Financial Services Authority A4:3
Page 1:
Consultation Paper CP12/32 Financia
Page 4 and 5:
The Financial Services Authority in
Page 6 and 7:
CP12/32 Implementation of the Alter
Page 8 and 9:
Page 10 and 11:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
Page 24 and 25:
Page 26 and 27:
Page 28 and 29:
Page 30 and 31:
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63: CP12/32 Implementation of the Alter
Page 105 and 106: Annex 2 List of consultation questi
Page 107: Annex 2 November 2012 CP12/32 Imple
Page 124 and 125: ALTERNATIVE INVESTMENT FUND MANAGER
Page 126 and 127: Annex A Making the Investment Funds
Page 128 and 129: Page 5 of 91 Appendix 1 (2) a descr
Page 130 and 131: 3.2.5 R An AIFM must, for each AIF
Page 132 and 133: Page 9 of 91 Appendix 1 (6) the agg
Page 134 and 135: Page 11 of 91 Appendix 1 (4) the id
Page 136 and 137: [Note: article 15(1) of AIFMD] this
Page 138 and 139: (1) a full scope UK AIFM of: (a) a
Page 140 and 141: Page 17 of 91 Appendix 1 (b) the re
Page 142 and 143: experienced; Page 19 of 91 Appendix
Page 144 and 145: Page 21 of 91 Appendix 1 by the fac
Page 146 and 147: Page 23 of 91 Appendix 1 3.11.5 G T
Page 148 and 149: (Own funds requirement). [Note: art
Page 150 and 151: supplements the meaning of financia
Page 152 and 153: instruments remain in its custody;
Page 154 and 155: supplementing this section] 4. Comm
Page 156 and 157: Annex B Amendments to the Glossary
Page 158 and 159: collective portfolio management fir
Page 160 and 161: Page 37 of 91 Appendix 1 non-listed
Page 162 and 163:
BIPRU 730k firm Page 39 of 91 Appen
Page 164 and 165:
… Page 41 of 91 Appendix 1 (e) (i
Page 166 and 167:
esources only at excessive cost. Pa
Page 168 and 169:
Single Market Directive … Page 45
Page 170 and 171:
Page 47 of 91 Appendix 1 [Note: art
Page 172 and 173:
Page 49 of 91 Appendix 1 7.1.7B In
Page 174 and 175:
Page 51 of 91 Appendix 1 [Note: art
Page 176 and 177:
[Note: paragraph 1(c) of Annex II o
Page 178 and 179:
[Note: paragraph 1(k) of Annex II o
Page 180 and 181:
[Note: paragraph 1(r) of Annex II o
Page 182 and 183:
Page 59 of 91 (2) the fixed overhea
Page 184 and 185:
Page 61 of 91 Appendix 1 amount of
Page 186 and 187:
Types of investment firm: BIPRU 50K
Page 188 and 189:
The following text is new and is no
Page 190 and 191:
Page 67 of 91 Appendix 1 (1) at the
Page 192 and 193:
Page 69 of 91 Appendix 1 so that th
Page 194 and 195:
TABLE 7.4 PART I A firm must calcul
Page 196 and 197:
Note consistently in respect of any
Page 198 and 199:
initial capital (see item 5) if the
Page 200 and 201:
Form of qualifying subordinated loa
Page 202 and 203:
Annex H Amendments to the Supervisi
Page 204 and 205:
Descriptio n of data item Annual re
Page 206 and 207:
… Data item SUP 16.12.12R, unless
Page 208 and 209:
indicated otherwise. Data item Firm
Page 210 and 211:
client assets … Page 87 of 91 App
Page 212 and 213:
… Data item SUP 16.12.23R, unless
Page 214 and 215:
FSA066 and FSA06 are added - see fo
Page 216 and 217:
Liquid assets test 32 Liquid assets
Page 218 and 219:
Professional negligence capital req
Page 220 and 221:
is not listed, select ‘Other’.
Page 222 and 223:
FSA067 Capital adequacy - supplemen
Page 224 and 225:
PII capital requirement 5A This is
Page 226 and 227:
External validations Validation Dat
Page 228 and 229:
Page 230:
show all

CP12/32: Implementation of the Alternative ... - BVCA admin

Create successful ePaper yourself

Delete template?

Save as template?