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(1) a full scope UK AIFM of: (a) a UK AIF; Page 15 of 91 Appendix 1 (b) an EEA AIF managed or marketed from an establishment in the United Kingdom; and (c) a non-EEA AIF; and (2) an incoming EEA AIFM branch which manages or markets a UK AIF. Selection of a prime brokerage firm 3.8.2 R An AIFM must exercise due skill, care and diligence in the selection and appointment of a prime brokerage firm. [Note: article 14(3) second paragraph of the AIFMD] Prime brokerage firm contract 3.8.3 R Where the AIFM, on behalf of an AIF, uses the services of a prime brokerage firm, the terms must be set out in a written contract. In particular, any possibility of transfer and reuse of AIF assets must be provided for in that contract and must comply with the AIF’s instrument constituting the fund. The contract must provide for the depositary to be informed of the contract. 3.9 Valuation [Note: article 14(3) first paragraph of the AIFMD] Application 3.9.1 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. Responsibility of the AIFM 3.9.2 R An AIFM is responsible for the proper valuation of AIF assets, the calculation of the net asset value and the publication of that net asset value. [Note: article 19(10) first sentence first paragraph of AIFMD] Standard of care of the valuation
Page 16 of 91 Appendix 1 3.9.3 R An AIFM must ensure that any valuation of an AIF’s assets is performed impartially and with all due skill, care and diligence. [Note: article 19(8) of AIFMD] Establishment of procedures for valuation of assets 3.9.4 R An AIFM must ensure that, for each AIF it manages, appropriate and consistent procedures are established so that in accordance with rules laid down in the applicable national law of the country where the AIF is established and the instrument constituting the fund: (1) a proper and independent valuation of the assets of the AIF can be performed; and (2) the net asset value per unit or share of the AIF is calculated and disclosed to investors. [Note: article 19(1), (2) and (3) first paragraph of AIFMD] Frequency of valuation of assets and calculation of net asset value 3.9.5 R (1) An AIFM must ensure that the valuation procedure referred to in FUND 3.9.4R provides for the assets of any AIF under the AIFM’s management to be valued and the net asset value per unit or share to be calculated at least once a year. (2) Where an AIF is open-ended, such valuations and calculations must also be carried out at a frequency that is appropriate both to the assets held by the AIF and its issuance and redemption frequency. (3) Where an AIF is closed-ended, such valuations and calculations must also be carried out in case of an increase or decrease of the capital by the relevant AIF. [Note: article 19(3) second, third and fourth paragraphs of AIFMD] Informing investors of valuations of assets and calculations of net asset value 3.9.6 R An AIFM must ensure that investors in the AIFs under its management are informed of the valuations and calculations in the manner set out in the relevant instrument constituting the fund. [Note: article 19(3) fifth paragraph of AIFMD] Performance of the valuation function 3.9.7 R (1) An AIFM may perform the valuation itself, provided that: (a) the valuation task is functionally independent from the portfolio management; 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 88 and 89: CP12/32 Implementation of the Alter
Page 105 and 106: Annex 2 List of consultation questi
Page 107: Annex 2 November 2012 CP12/32 Imple
Page 111 and 112: Annex 4 November 2012 CP12/32 Imple
Page 113 and 114: 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
Page 128 and 129: Page 5 of 91 Appendix 1 (2) a descr
Page 130 and 131: 3.2.5 R An AIFM must, for each AIF
Page 132 and 133: Page 9 of 91 Appendix 1 (6) the agg
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 140 and 141: Page 17 of 91 Appendix 1 (b) the re
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
Page 176 and 177: [Note: paragraph 1(c) of Annex II o
Page 178 and 179: [Note: paragraph 1(k) of Annex II o
Page 180 and 181: [Note: paragraph 1(r) of Annex II o
Page 182 and 183: Page 59 of 91 (2) the fixed overhea
Page 184 and 185: Page 61 of 91 Appendix 1 amount of
Page 186 and 187: 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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