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

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Page 11 of 91 Appendix 1 (4) the identity of the five largest sources of borrowed cash or securities for the AIF, and the amounts of leverage received from each of those sources for the AIF. [Note: article 24(4) of AIFMD] Meaning of employing leverage on a substantial basis 3.4.7 EU [Relevant provision of the AIFMD level 2 regulation to be inserted which supplements the meaning of employing leverage on a substantial basis] Notification of material changes 3.4.8 R Where an AIFM proposes to make any material changes to the conditions for initial authorisation, in particular in respect of the information which it has provided to the FCA when applying for a Part IV permission to manage an AIF, the AIFM must notify the FCA before implementing those changes. [Note: article 10(1) of AIFMD] Subordinate measures [Note: articles [x] to [y] of the AIFMD level 2 regulation lay down detailed rules supplementing this section] 3.5 Investment in securitisation positions 3.6 Liquidity Subordinate measures [Note: articles [x] to [y] of the AIFMD level 2 regulation lay down detailed rules supplementing the provisions in AIFMD on investment in securitisation positions] Application 3.6.1 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. Alignment of investment strategy, liquidity profile and redemption policy 3.6.2 R An AIFM must ensure that the investment strategy, liquidity profile and redemption policy of each AIF it manages are consistent.
[Note: article 16(2) of AIFMD] Liquidity systems and procedures Page 12 of 91 Appendix 1 3.6.3 R An AIFM must, for each AIF it manages that is not an unleveraged closedended AIF: (1) employ an appropriate liquidity management system and adopt procedures which: (a) enable it to monitor the liquidity risk of the AIF; and (b) ensure that the liquidity profile of the investments of the AIF complies with the AIF’s underlying obligations; and (2) regularly conduct stress tests, under normal and exceptional liquidity conditions, which enable it to assess the liquidity risk of the AIF and monitor that risk accordingly. [Note: article 16(1) of AIFMD] Subordinate measures [Note: articles [x] to [y] of the AIFMD level 2 regulation lay down detailed rules supplementing this section] 3.7 Risk management Application 3.7.1 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. Functional and hierarchical separation 3.7.2 R (1) An AIFM must functionally and hierarchically separate the functions of risk management from the operating units, including from the functions of portfolio management. (2) An AIFM must, in any event, be able to demonstrate that: (a) specific safeguards against conflicts of interest allow for the independent performance of risk management activities; and (b) the risk management process satisfies the requirements of
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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 84 and 85: CP12/32 Implementation of the Alter
Page 105 and 106: Annex 2 List of consultation questi
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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 130 and 131: 3.2.5 R An AIFM must, for each AIF
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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
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Page 162 and 163: BIPRU 730k firm Page 39 of 91 Appen
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Page 166 and 167: esources only at excessive cost. Pa
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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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