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

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Page 51 of 91 Appendix 1 [Note: articles [x] to [y] of the AIFMD level 2 regulation lay down detailed rules supplementing the provisions of article 14 of AIFMD] ... 19A Remuneration Code 19A.1 General application and purpose 19A.1.1 … 19A.1.1 A Who? What? Where? G The AIFM Remuneration Code (SYSC 19B) also applies to a firm which is a full scope UK AIFM. A full scope UK AIFM that complies with all the provisions of SYSC 19B will also comply with all the provisions of SYSC 19A. In such cases, the FCA will not require the full scope UK AIFM to demonstrate compliance with SYSC 19A. Insert the following section after SYSC 19A. The following text is all new and is not underlined. 19B AIFM Remuneration Code 19B.1 Application 19B.1.1 R The AIFM Remuneration Code applies to a full scope UK AIFM of: (1) a UK AIF; (2) an EEA AIF; and (3) a non-EEA AIF. Remuneration policies and practices 19B.1.2 R An AIFM must establish, implement and maintain remuneration policies and practices for AIFM Remuneration Code staff that are consistent with and promote sound and effective risk management and do not encourage risktaking which is inconsistent with the risk profile of the instrument constituting the fund of the AIFs it manages. [Note: article 13(1) of AIFMD] 19B.1.3 R AIFM Remuneration Code staff comprise those categories of staff, including
Page 52 of 91 Appendix 1 senior management, risk takers, control functions, and any employees receiving total remuneration that takes them into the same remuneration bracket as senior management and risk takers whose professional activities have a material impact on the risk profiles of the AIFMs or of the AIFs the AIFM manages. [Note: article 13(1) of AIFMD] 19B.1.4 R (1) When establishing and applying the total remuneration policies, inclusive of salaries and discretionary pension benefits, for AIFM Remuneration Code staff, an AIFM must comply with the AIFM remuneration principles in a way and to the extent that is appropriate to its size, internal organisation and the nature, scope and complexity of its activities. (2) Paragraph (1) does not apply to the requirement for significant AIFMs to have a remuneration committee (SYSC 19B.1.9R). (3) The AIFM remuneration principles apply to remuneration of any type paid by the AIFM, to any amount paid directly by the AIF itself, including carried interest, and to any transfer of units or shares of the AIF, made to the benefits of AIFM Remuneration Code staff. [Note: paragraph 1 and 2 of Annex II of AIFMD] Remuneration principles for AIFMs AIFM Remuneration Principle 1: Risk management 19B.1.5 R An AIFM must ensure that its remuneration policy is consistent with and promotes sound and effective risk management and does not encourage risktaking which is inconsistent with the risk profiles of the instrument constituting the fund of the AIFs it manages. [Note: paragraph 1(a) of Annex II of AIFMD] AIFM Remuneration Principle 2: Supporting business strategy, objectives, values and interests, and avoiding conflicts of interest 19B.1.6 R An AIFM must ensure that its remuneration policy is in line with the business strategy, objectives, values and interests of the AIFM and the AIFs it manages or the investors of such AIFs, and includes measures to avoid conflicts of interest. [Note: paragraph 1(b) of Annex II of AIFMD] AIFM Remuneration Principle 3: Governance 19B.1.7 R An AIFM must ensure that the governing body of the AIFM, in its supervisory function, adopts and periodically reviews the general principles of the remuneration policy and is responsible for its implementation.
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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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Annex 2 List of consultation questi
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Annex 2 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
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Page 130 and 131: 3.2.5 R An AIFM must, for each AIF
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Page 134 and 135: Page 11 of 91 Appendix 1 (4) the id
Page 136 and 137: [Note: article 15(1) of AIFMD] this
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Page 142 and 143: experienced; Page 19 of 91 Appendix
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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 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
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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
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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
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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
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Page 220 and 221: is not listed, select ‘Other’.
Page 222 and 223: 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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