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

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experienced; Page 19 of 91 Appendix 1 (c) (subject to FUND 3.10.7R) the delegation of AIFM investment management functions are conferred only on a delegate that is authorised or registered for the purpose of asset management and subject to supervision; (d) in addition to the requirements in (c), where the delegation of AIFM investment management functions are conferred on a third-country delegate, cooperation between the FCA and the supervisory authority of the delegate is ensured; (e) the delegation does not prevent the FCA from supervising the AIFM effectively and, in particular, does not prevent the AIFM from acting, or the AIF from being managed, in the best interests of its investors; and (f) the AIFM is able to demonstrate that: [Note: article 20(1) of AIFMD] (i) the delegate is qualified and capable of undertaking the functions in question; (ii) it was selected with all due care; and (iii) the AIFM is in a position to monitor the delegated activity effectively at any time, to give further instructions to the delegate at any time, and to withdraw the delegation with immediate effect when this is in the interest of investors. 3.10.3 G For the purposes of FUND 3.10.2R(2)(d) cooperation is ensured between the FCA and the supervisory authorities of a third country delegate where there is a cooperation arrangement in place between the two authorities in accordance with the provisions of AIFMD and the AIFMD level 2 regulation. Sub-delegation 3.10.4 R An AIFM must ensure the following conditions are met when any of its delegates carries out a sub-delegation: (1) the AIFM has consented to the sub-delegation before the subdelegation arrangements become effective; (2) the AIFM has notified the FCA of the sub-delegation before the subdelegation arrangements become effective; and (3) the conditions set out in FUND 3.10.2R(2) (General delegation requirements) are satisfied in relation to the sub-delegation with references to ‘delegate’ and ‘delegation’ replaced by references to
‘sub-delegate’ and ‘sub-delegation’. [Note: article 20(4) of AIFMD] Page 20 of 91 Appendix 1 3.10.5 R An AIFM must comply with the rules set out in this section which are applicable to a sub-delegation in relation to any further sub-delegation of its functions by a sub-delegate. [Note: article 20(6) of AIFMD] Delegation of AIFM investment management functions 3.10.6 R An AIFM must not delegate or consent to the sub-delegation of AIFM investment management functions to: (1) the depositary or a delegate of the depositary; or (2) any other entity whose interests may conflict with those of the AIFM or the investors of the AIF, unless: (a) that entity has functionally and hierarchically separated the performance of its AIFM investment management function from its other potentially conflicting tasks; and (b) the potential conflicts of interest are properly identified, managed, monitored and disclosed to the investors of the AIF. [Note: article 20(2) and (5) of AIFMD] 3.10.7 R An AIFM may delegate, or consent to the sub-delegation of, AIFM investment management functions to an entity which is not authorised or registered for the purpose of asset management and subject to supervision as required by FUND 3.10.2R(2)(c) if this is approved by the FCA beforehand in accordance with regulation [x] of the AIFMD UK regulation. [Note: article 20(1)(c) of AIFMD] Letterbox entity 3.10.8 R An AIFM must not delegate its functions to the extent that, in essence, it can no longer be considered to be the AIFM of the AIF and to the extent that it becomes a letter-box entity. [Note: article 20(3) of AIFMD] 3.10.9 EU [Relevant provisions of the AIFMD level 2 regulation to be inserted which supplements the meaning of letterbox entity] Liability for delegated functions 3.10.10 G An AIFM’s liability towards the AIF and its investors should not be affected
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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 92 and 93: 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
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 138 and 139: (1) a full scope UK AIFM of: (a) a
Page 140 and 141: Page 17 of 91 Appendix 1 (b) the re
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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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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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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