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

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CP12/32 Implementation of the Alternative Investment Fund Managers Directive 7. Fee-raising arrangements for firms within scope of AIFMD. 8. Reporting processes for firms within scope of AIFMD. 9. Any consequential amendments to existing rules. 10. Restructuring of Handbook rules into FUND sourcebook. 11. Transitional rule for deletion of UPRU. 12. The position for depositaries of AIFs managed by sub-threshold AIFMs. Annex 6 X A6:2 Financial Services Authority November 2012
Annex 7 November 2012 CP12/32 Implementation of the Alternative Investment Fund Managers Directive Feedback on DP12/1 1. In this paper we make proposals for rules and guidance taking into account responses to some of the questions asked in DP12/1. These are tabled below. 2. We posed a number of questions in DP12/1 with the expectation that some of the Directive’s implementing measures would be adopted using Level 2 Directives, giving us a margin of discretion as to how we might transpose the Level 1 requirements. However, the Commission’s decision to implement most of the Level 2 measures through a directly applicable Regulation has meant that we now have no national discretion in many areas where responses to our DP questions would have shaped our approach. For this reason, we have not given feedback on every question in DP12/1. 3. Some DP questions covered matters relating to domestic UK rules but not pertaining directly to AIFM implementation. Where we have decided not to take these forward as part of our work on AIFMD implementation, we have indicated this in the relevant chapter. 4. DP12/1 questions that relate to matters listed in Annex 6 will be addressed in CP2. Question number 18 Do you have any comments on our analysis as to how we expect the capital and PII requirements to apply to the different types of firm acting as managers of AIFs? 19 Do you agree that it would be appropriate to set out the requirements for UCITS firms and UCITS AIFM firms in IPRU(INV)? 20 Do you expect to want to use a guarantee to meet part of the additional own funds requirement? 23 Do you have any comments on the most appropriate approach to determine the prudential requirements for internally managed AIFs? 24 Do you have views on the intended meaning of CAD-defined terms and our approach to incorporating them in the rules for AIFMs? Chapter where we make proposals Chapter 5 Chapter 5 Chapter 5 Chapter 5 Chapter 5 Financial Services Authority A7:1
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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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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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