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

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