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

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The following text is new and is not underlined. Page 65 of 91 Appendix 1 7 Chapter 7: Collective Portfolio Management Firms and Internally Managed AIFs 7.1 Introduction Application 7.1.1 R This chapter applies to: (1) a collective portfolio management firm; and (2) an internally managed AIF. 7.1.2 G An internally managed AIF is not permitted to engage in activities other than the management of that AIF. A collective portfolio management firm may manage AIFs and/or UCITS, provided it has permission to do so. A collective portfolio management firm may also undertake any of the additional investment activities permitted by article 6(4) of AIFMD or article 6(3) of the UCITS Directive (as applicable), provided it has permission to do so, but if so it is subject to GENPRU and BIPRU rather than IPRU(INV) and is classified as a collective portfolio management investment firm, as opposed to a collective portfolio management firm. Relevant accounting principles 7.1.3 R (1) Except where a rule makes a different provision, terms referred to in this chapter must have the meaning given to them in the Companies Act 2006 or the firm's accounting framework (usually UK generally accepted accounting principles or IFRS) where defined in that Act or framework. Purpose (2) Accounting policies must be the same as those adopted in the firm’s annual report and accounts and must be consistently applied. 7.1.4 G (1) This chapter amplifies threshold condition 4 (Adequate resources) by providing that a firm must meet, on a continuing basis, a minimum capital resources requirement. This chapter also amplifies Principles 3 and 4 which require a firm to take reasonable care to organise and control its affairs responsibly and effectively with adequate risk management systems and to maintain adequate financial resources by setting out a capital resources requirement for a firm according to the regulated activity or activities it carries on. (2) This chapter also implements relevant requirements of AIFMD and the UCITS Directive, which among other matters impose capital and professional indemnity insurance requirements on an AIFM and a
7.2 Main requirements UCITS management company. Collective portfolio management firm 7.2.1 R A collective portfolio management firm must: Page 66 of 91 Appendix 1 (1) at the time that it first becomes a collective portfolio management firm, hold initial capital of not less than the applicable base capital resources requirement (in accordance with IPRU(INV) 7.3.1R(1)); (2) at all times, maintain own funds which equal or exceed: (a) the higher of: (i) the funds under management requirement (in accordance with IPRU(INV) 7.3.2R); and (ii) the fixed overheads requirement (in accordance with IPRU(INV) 7.3.4R); plus (b) whichever is applicable of: (i) the professional negligence capital requirement (in accordance with IPRU(INV) 7.3.12R(1)(a)); or (ii) the PII capital requirement (in accordance with IPRU(INV) 7.3.12R(1)(b)); and (3) at all times, hold liquid assets (in accordance with IPRU(INV) 7.3.18R) which equal or exceed: Internally managed AIF (a) the higher of: (i) the funds under management requirement (in accordance with IPRU(INV) 7.3.2R) less the base capital resources requirement (in accordance with IPRU(INV) 7.3.1R(1)); and (ii) the fixed overheads requirement (in accordance with IPRU(INV) 7.3.4R); plus (b) whichever is applicable of: 7.2.2 R An internally managed AIF must: (i) the professional negligence capital requirement (in accordance with IPRU(INV) 7.3.12R(1)(a)); or (ii) the PII capital requirement (in accordance with IPRU(INV) 7.3.12R(1)(b)).
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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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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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[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
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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
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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 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
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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
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