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

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CP12/32 Implementation of the Alternative Investment Fund Managers Directive Level 2 Binding Technical Standards (also a form of subordinate measures) Annex 5X A Level 1 Directive may delegate to the Commission the power to adopt delegated acts or implementing acts that have been drafted by one of the ESAs. These are termed ‘regulatory technical standards’ if the delegations are made under Article 290, and ‘implementing technical standards’, if the delegations are made under Article 291. These standards should be technical, must not imply strategic decisions or policy choices and their content is delimited by the legislative acts on which they are based. After the Commission proposes RTS to the European Parliament and the Council, these two bodies may object to the RTS for up to three months. This three-month period may be extended by a further three months at the initiative of the European Parliament or Council. For ITS there is no further scrutiny by the European Parliament or the Council. An example of RTS in AIFMD is in article 4(4) on types of AIFM. Level 3 Level 3 guidelines are one of the tools to achieve European supervisory convergence and what is termed ‘common supervisory culture’ in the internal market and the ESFS. National competent authorities must treat them on a ‘comply-or-explain’ basis. ESMA is responsible for developing and adopting guidelines on the AIFMD. An example is the draft ESMA guidelines on remuneration policies for AIFMs. Level 4 The Commission, as the guardian of the EU Treaties, is responsible for ensuring that EU Directives are properly transposed and that EU legal requirements are then consistently applied in favour of internal market rights, pursuing enforcement action against Member States where required. Without prejudice to the Commission’s powers, the ESMA Regulation envisages that ESMA may play a role in investigating alleged breaches of EU law by competent authorities. An example is ESMA’s competent authority peer review process. A5:2 Financial Services Authority November 2012
Annex 6 November 2012 CP12/32 Implementation of the Alternative Investment Fund Managers Directive List of subjects to be included in our second AIFMD consultation 1. Scope issues: a) Further clarifications on scope of AIFMD, subject to ESMA developments. b) Regimes for sub-threshold AIFMs, including both authorised and registered AIFMs. c) Authorisation/registration process for: i) firms that are not full scope UK AIFMs; and ii) AIFMs carrying on additional activities under Article 6(4) AIFMD. d) Final transitional provisions. 2. Retail regime (Article 43 AIFMD): a) regimes for NURS, QIS and UCITS schemes, including the transition from COLL to FUND; and b) marketing to retail investors. 3. Regime for marketing to professional investors. 4. Further clarification on Level 2 delegation requirements, including supervisory assessment of ‘letterbox entity’. 5. AIFMD provisions applicable principally to private equity fund managers. 6. Application of the Financial Services Compensation Scheme and the Financial Ombudsman Service in relation to firms within scope of AIFMD. Financial Services Authority A6:1
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Consultation Paper CP12/32 Financia
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The Financial Services Authority in
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Page 124 and 125: ALTERNATIVE INVESTMENT FUND MANAGER
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Single Market Directive … Page 45
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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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