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

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3.2.5 R An AIFM must, for each AIF that it manages, disclose to investors periodically: (1) the percentage of the AIF’s assets that are subject to special arrangements arising from their illiquid nature; Page 7 of 91 Appendix 1 (2) any new arrangements for managing the liquidity of the AIF; and (3) the current risk profile of the AIF and the risk management systems employed by the AIFM to manage those risks. [Note: article 23(4) of AIFMD] 3.2.6 R An AIFM that manages an AIF employing leverage must, for each such AIF, disclose on a regular basis: (1) any changes to: (a) the maximum level of leverage that the AIFM may employ on behalf of the AIF; and (b) any right of reuse of collateral or any guarantee granted under the leveraging arrangement; and (2) the total amount of leverage employed by that AIF. [Note: article 23(5) of AIFMD] Subordinate measures [Note: articles [x] to [y] of the AIFMD level 2 regulation lay down detailed rules supplementing this section] 3.3 Annual report of an AIF Application 3.3.1 R This section applies to a full scope UK AIFM of: (1) a UK AIF; (2) an EEA AIF; and (3) a non-EEA AIF marketed in the United Kingdom. Provision of an annual report 3.3.2 R An AIFM must, for each UK AIF and EEA AIF it manages and for each non- EEA AIF it markets in the United Kingdom:
Page 8 of 91 Appendix 1 (1) make an annual report available to investors for each financial year; (2) provide the annual report to investors on request; and (3) make the annual report available to the FCA and, in the case of an EEA AIF, to the Home State competent authority of that AIF. [Note: article 22(1) first paragraph and article 24(3)(a) of AIFMD] 3.3.3 R An AIFM must make the annual report available, in accordance with FUND 3.3.2R(1), no later than six months after the end of the financial year. [Note: article 22(1) first paragraph of AIFMD] 3.3.4 R (1) Where the AIF is required to make public an annual financial report in accordance with DTR 4.1.3R (Publication of annual financial reports) or the equivalent provision implementing article 4.1 of the Transparency Directive in the Home State of the AIF, only such information referred to in FUND 3.3.5R that is additional to the annual financial report needs to be provided to investors on request, either separately or as an additional part of the annual financial report. (2) Where the additional information referred to in (1) is provided as an additional part of the annual financial report, that report must be made public no later than four months following the end of the financial year, in accordance with DTR 4.1.3R (Publication of annual financial reports) or the equivalent provision implementing article 4.1 of the Transparency Directive in the Home State of the AIF. [Note: second paragraph, article 22(1) of AIFMD] Contents of the annual report 3.3.5 R The annual report must contain: (1) a balance sheet or a statement of assets and liabilities; (2) an income and expenditure account for the financial year; (3) a report on the activities of the financial year; (4) any material changes in the information required to be made available to investors under FUND 3.2.2R (Prior disclosure of information to investors) during the financial year covered by the report; (5) (a) the total amount of remuneration paid by the AIFM to its staff for the financial year, split into fixed and variable remuneration, including, where relevant, any carried interest paid by the AIF; and (b) the number of beneficiaries; and
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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 80 and 81: CP12/32 Implementation of the Alter
Page 105 and 106: Annex 2 List of consultation questi
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Page 111 and 112: Annex 4 November 2012 CP12/32 Imple
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Page 124 and 125: ALTERNATIVE INVESTMENT FUND MANAGER
Page 126 and 127: Annex A Making the Investment Funds
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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
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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
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[Note: paragraph 1(r) of Annex II o
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Page 59 of 91 (2) the fixed overhea
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Page 61 of 91 Appendix 1 amount of
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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 67 of 91 Appendix 1 (1) at the
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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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