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

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CP12/32 Implementation of the Alternative Investment Fund Managers Directive innovation by firms. However, we believe that the draft rules will allow for other types of innovation within firms or their funds, such as allowing for new investment strategies. Promoting public awareness 17. These proposals are not intended to promote public awareness. The international character of financial services and markets and the desirability of maintaining the competitive position of the United Kingdom 18. The harmonised AIFMD regime across Europe aims to develop a level playing field for asset managers operating across different Member States. It also seeks to achieve consistent regulatory approaches and supervisory practices, and improved frequency and quality of disclosure. 19. Although AIFMD is mostly maximum harmonising, in the few areas where we have the option to make a discretionary decision we have taken account of the competitive implications between firms based in the UK and in other countries. In developing our proposals we have considered the implementation efforts in other Member States. The need to minimise the adverse effects on competition Annex 4X 20. As explained in the CBA, our proposals may have a material impact on competition for some asset managers. However, when writing rules we have attempted to calibrate them to the risks to our objectives we have identified, bearing in mind the impacts on competition. Why our proposals are most appropriate for the purpose of meeting our statutory objectives 21. Our proposals draw on engagement with those interested in the asset management sector. We have taken account of the feedback to DP12/1 in our further policy development. We believe the proposals described in this CP represent the most appropriate and proportionate approach to implementing AIFMD. A4:4 Financial Services Authority November 2012
Annex 4 November 2012 CP12/32 Implementation of the Alternative Investment Fund Managers Directive Compatibility with the revised principles of good regulation in FSMA as amended by the Bill 22. In carrying out its general functions the FCA must have regard to the regulatory principles set out in the Act (section 1B(5)(a) FSMA (as proposed to be amended by the Bill)). 23. In addition to having considered the current principles of good regulation, we have had regard to the principles set out in section 3B of the amended FSMA. We believe all the proposed changes are compatible with these principles. Financial Services Authority A4:5
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Consultation Paper CP12/32 Financia
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The Financial Services Authority in
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CP12/32 Implementation of the Alter
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Page 124 and 125: ALTERNATIVE INVESTMENT FUND MANAGER
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… Page 41 of 91 Appendix 1 (e) (i
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esources only at excessive cost. Pa
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Single Market Directive … Page 45
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Page 49 of 91 Appendix 1 7.1.7B In
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[Note: paragraph 1(c) of Annex II o
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[Note: paragraph 1(r) of Annex II o
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Types of investment firm: BIPRU 50K
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The following text is new and is no
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Page 69 of 91 Appendix 1 so that th
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TABLE 7.4 PART I A firm must calcul
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Note consistently in respect of any
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initial capital (see item 5) if the
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Form of qualifying subordinated loa
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Annex H Amendments to the Supervisi
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Descriptio n of data item Annual re
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… Data item SUP 16.12.12R, unless
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indicated otherwise. Data item Firm
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client assets … Page 87 of 91 App
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… Data item SUP 16.12.23R, unless
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FSA066 and FSA06 are added - see fo
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Liquid assets test 32 Liquid assets
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Professional negligence capital req
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is not listed, select ‘Other’.
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FSA067 Capital adequacy - supplemen
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PII capital requirement 5A This is
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External validations Validation Dat
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