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

More documents

Recommendations

Info

Page 49 of 91 Appendix 1 7.1.7B In setting the method of determining the remuneration of employees involved in the risk management function, BIPRU firms and full scope UK AIFMs will also need to comply with the Remuneration Code or AIFM Remuneration Code (as applicable). … 10 Conflicts of interest 10.1 Application 10.1.1 R (1) This section applies to a firm which provides services to its clients in the course of carrying on regulated activities or ancillary activities or providing ancillary services (but only where the ancillary services constitute MiFID business). … (2) This section also applies to a management company. (3) This section also applies to: (a) a full scope UK AIFM of: (i) a UK AIF; (ii) an EEA AIF managed or marketed from an establishment in the UK; and (iii) a non-EEA AIF; and (b) an incoming EEA AIFM branch which manages or markets a UK AIF. Collective portfolio management investment firms 10.1.22 R A collective portfolio management investment firm which manages investments other than for an AIF or UCITS for which it has been appointed as manager, must obtain approval from its client before it invests all or part of the client’s portfolio in units or shares of an AIF or UCITS it manages. [Note: article 12(2)(a) of the UCITS Directive and article 12(2)(a) of AIFMD] Additional requirements for an AIFM 10.1.23 R An AIFM must take all reasonable steps to identify conflicts of interest that arise, in the course of managing AIFs, between: (1) the AIFM, including its managers, employees or any person directly or indirectly linked to the AIFM by control, and an AIF managed by the AIFM or the investors in that AIF; or
Page 50 of 91 Appendix 1 (2) an AIF or the investors in that AIF, and another AIF or the investors in that AIF; or (3) an AIF or the investors in that AIF, and another client of the AIFM; or (4) an AIF or the investors in that AIF, and a UCITS managed by the AIFM or the investors in that UCITS; or (5) two clients of the AIFM. [Note: article 14(1) first paragraph of AIFMD] 10.1.24 R An AIFM must take all reasonable steps to avoid conflicts of interest and, when they cannot be avoided, manage, monitor and, where applicable, disclose those conflicts of interest in order to prevent them from adversely affecting the interests of the AIFs and their investors and to ensure that the AIFs it manages are fairly treated. [Note: article 12(1)d of AIFMD] 10.1.25 R An AIFM must: (1) maintain and operate effective organisational and administrative arrangements, with a view to taking all reasonable steps designed to identify, prevent, manage and monitor conflicts of interest in order to prevent them from adversely affecting the interests of the AIFs and their investors; (2) segregate, within its own operating environment, tasks and responsibilities which may be regarded as incompatible with each other or which may potentially generate systematic conflicts of interest; and (3) assess whether its operating conditions may involve any other material conflicts of interest and disclose them to the AIF’s investors. [Note: article 14(1) second and third paragraphs of AIFMD] 10.1.26 R If the organisational arrangements made by the AIFM to identify, prevent, manage and monitor conflicts of interest are not sufficient to ensure, with reasonable confidence, that risks of damage to investors’ interests will be prevented, the AIFM must: (1) clearly disclose the general nature or sources of conflicts of interest to the investors before undertaking business on their behalf; and (2) develop appropriate policies and procedures. [Note: article 14(2) of AIFMD] Subordinate measures for alternative investment fund managers
Page 1:
Consultation Paper CP12/32 Financia
Page 4 and 5:
The Financial Services Authority in
Page 6 and 7:
CP12/32 Implementation of the Alter
Page 8 and 9:
Page 10 and 11:
Page 12 and 13:
Page 14 and 15:
Page 16 and 17:
Page 18 and 19:
Page 20 and 21:
Page 22 and 23:
Page 24 and 25:
Page 26 and 27:
Page 28 and 29:
Page 30 and 31:
Page 32 and 33:
Page 34 and 35:
Page 36 and 37:
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 105 and 106:
Annex 2 List of consultation questi
Page 107:
Annex 2 November 2012 CP12/32 Imple
Page 111 and 112:
Page 113 and 114:
Page 115:
Page 118 and 119:
Page 120 and 121:
Page 122 and 123: CP12/32 Implementation of the Alter
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 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 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
Page 188 and 189: The following text is new and is no
Page 190 and 191: Page 67 of 91 Appendix 1 (1) at the
Page 192 and 193: Page 69 of 91 Appendix 1 so that th
Page 194 and 195: TABLE 7.4 PART I A firm must calcul
Page 196 and 197: Note consistently in respect of any
Page 198 and 199: initial capital (see item 5) if the
Page 200 and 201: Form of qualifying subordinated loa
Page 202 and 203: Annex H Amendments to the Supervisi
Page 204 and 205: Descriptio n of data item Annual re
Page 206 and 207: … Data item SUP 16.12.12R, unless
Page 208 and 209: indicated otherwise. Data item Firm
Page 210 and 211: client assets … Page 87 of 91 App
Page 212 and 213: … Data item SUP 16.12.23R, unless
Page 214 and 215: FSA066 and FSA06 are added - see fo
Page 216 and 217: Liquid assets test 32 Liquid assets
Page 218 and 219: Professional negligence capital req
Page 220 and 221: is not listed, select ‘Other’.
Page 222 and 223:
FSA067 Capital adequacy - supplemen
Page 224 and 225:
PII capital requirement 5A This is
Page 226 and 227:
External validations Validation Dat
Page 228 and 229:
Page 230:
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?