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

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CP12/32 Implementation of the Alternative Investment Fund Managers Directive Who should read this CP? Annex X 1.29 This paper will interest investors (both retail and professional), fund managers, depositaries, MiFID firms, and non-EEA fund managers wishing to market and/or manage EEA or non-EEA funds in the UK, or elsewhere in the EEA. 1.30 It concerns investment companies not currently subject to FSMA authorisation and is important to service providers to the fund management industry, such as valuers, administrators and outsourcing specialists. 1.31 It will also interest representative trade bodies, business advisers and consultants, and other advisers involved, serving in or linked to the fund management industry in the UK. 1.32 Although UCITS firms and UCITS investment firms that do not manage AIFs are not within the scope of the Directive, this paper will interest them as we propose to amend the provisions that apply to them in UPRU and GENPRU/BIPRU respectively. Further details are set out in Chapter 5. Key messages An iterative consultation process Consultation timeline We are consulting now to give firms affected by AIFMD adequate time to prepare for implementation. This also gives us time to prepare given the challenges of regulatory reform. Consulting where we have sufficient certainty We are consulting where we believe we have sufficient certainty to do so. This consultation focuses on the implementation of the Directive’s Level 1 requirements, with reference, where applicable, to the expected Commission Level 2 Regulation on AIFMD implementing measures. Further consultation In the light of ongoing work at European level by the Commission and ESMA and the effect of this on national timelines, we will consult on Part II of AIFMD implementation in February 2013, following the Treasury’s second AIFMD consultation expected in January 2013. We expect the consultation period for Part II of our AIFMD consultation to run for about eight weeks. 12 Financial Services Authority November 2012
November 2012 Limited scope for discretion Maximum harmonisation CP12/32 Implementation of the Alternative Investment Fund Managers Directive This consultation does not reopen discussions on policy decisions (as set out in the Directive and reflected in our proposed rules) which have been agreed by all Member States under EU processes. Copy-out We have taken a coherent copy-out approach to transposition, following the words of the Level 1 text as closely as possible while trying to ensure that rules and guidance are expressed in clear language and organised in a logical way. Where we have discretion Where Member State discretion is given in the Directive or we have policy choices to make, such as for prudential and depositary requirements, we invite comment on our policy proposals as explained in the relevant sections and reflected in the proposed rules. CP closing date You have 11 weeks to send us your responses, by 1 February 2013. CONSUMERS AIFMD is mainly directed at firms offering asset management services to professional investors. Many of these firms do not promote their products or services to consumers more generally. However, given that one of the main objectives of AIFMD is to achieve an appropriate level of investor protection for retail, professional and institutional investors, our proposals may be of wider interest to consumers. Financial Services Authority 13
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Annex 2 List of consultation questi
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Annex 2 November 2012 CP12/32 Imple
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ALTERNATIVE INVESTMENT FUND MANAGER
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Annex A Making the Investment Funds
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3.2.5 R An AIFM must, for each AIF
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Page 9 of 91 Appendix 1 (6) the agg
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Page 11 of 91 Appendix 1 (4) the id
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[Note: article 15(1) of AIFMD] this
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(1) a full scope UK AIFM of: (a) a
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Page 17 of 91 Appendix 1 (b) the re
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experienced; Page 19 of 91 Appendix
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Page 21 of 91 Appendix 1 by the fac
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Page 23 of 91 Appendix 1 3.11.5 G T
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(Own funds requirement). [Note: art
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supplements the meaning of financia
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instruments remain in its custody;
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supplementing this section] 4. Comm
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Annex B Amendments to the Glossary
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collective portfolio management fir
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Page 37 of 91 Appendix 1 non-listed
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BIPRU 730k firm Page 39 of 91 Appen
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… Page 41 of 91 Appendix 1 (e) (i
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esources only at excessive cost. Pa
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Single Market Directive … Page 45
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Page 49 of 91 Appendix 1 7.1.7B In
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[Note: paragraph 1(c) of Annex II o
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[Note: paragraph 1(k) of Annex II o
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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 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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