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

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Page 67 of 91 Appendix 1 (1) at the time that it first becomes an internally managed AIF, hold initial capital of not less than the applicable base capital resources requirement (in accordance with IPRU(INV) 7.3.1R(2)); (2) at all times, maintain own funds which equal or exceed: (a) the base capital resources requirement (in accordance with IPRU(INV) 7.3.1R(2)); 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 (whichever is applicable of): Professional negligence (a) the professional negligence capital requirement (in accordance with IPRU(INV) 7.3.12R(1)(a)); or (b) the PII excess capital requirement (in accordance with IPRU (INV) 7.3.12R(1)(b)). 7.2.3 G (1) The professional negligence capital requirement is applicable for a collective portfolio management firm that manages an AIF and an internally managed AIF which, in accordance with IPRU(INV) 7.3.12R(1)(a), covers professional liability risks by way of own funds. (2) The PII capital requirement is applicable for a collective portfolio management firm that manages an AIF and an internally managed AIF which in accordance with IPRU(INV) 7.3.12R(1)(b) decides to cover professional liability risks by way of professional indemnity insurance. 7.3 Detail of main requirements Base capital resources requirement 7.3.1 R The base capital resources requirement for a firm is: (1) €125,000 in the case of a collective portfolio management firm; and (2) €300,000 in the case of an internally managed AIF. [Note: article 9(1), (2) and (10) of AIFMD and article 7(1)(a) of the UCITS Directive]
Funds under management requirement 7.3.2 R The funds under management requirement is (subject to a maximum of €10,000,000) the sum of: (1) the base capital resources requirement; plus Page 68 of 91 Appendix 1 (2) 0.02% of the amount by which the funds under management exceed €250,000,000. [Note: article 9(3) of AIFMD and article 7(1)(a)(i) of the UCITS Directive] Fixed overheads requirement 7.3.4 R The fixed overheads requirement is one quarter (13/52) of the firm's relevant fixed expenditure calculated in accordance with IPRU(INV) 7.3.5R. [Note: article 9(5) of AIFMD and article 7(1)(a)(iii) of the UCITS Directive] 7.3.5 R For the purposes of IPRU(INV) 7.3.4R, and subject to IPRU(INV) 7.3.7R to IPRU(INV) 7.3.10R, a firm’s relevant fixed expenditure is the amount described as total expenditure in its final income statement (FSA030) for the previous financial year, less the following items (if they are included within such expenditure): (1) staff bonuses, except to the extent that they are guaranteed; (2) employees' and directors' shares in profits, except to the extent that they are guaranteed; (3) other appropriations of profits; (4) shared commission and fees payable which are directly related to commission and fees receivable which are included within total revenue; (5) interest charges in respect of borrowings made to finance the acquisition of the firm's readily realisable investments; (6) interest paid to customers on client money; (7) interest paid to counterparties; (8) fees, brokerage and other charges paid to clearing houses, exchanges and intermediate brokers for the purposes of executing, registering or clearing transactions; (9) foreign exchange losses; and (10) other variable expenditure. 7.3.6 G The income statement (FSA030) should be completed on a cumulative basis,
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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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Page 5 of 91 Appendix 1 (2) a descr
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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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[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 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 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 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
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