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

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Form of qualifying subordinated loan agreement Page 77 of 91 Appendix 1 7.5.3 R A qualifying subordinated loan must be in the form prescribed for Chapter 5 of IPRU(INV) by Annex D to IPRU(INV) with the following changes: (1) the reference to “Chapter 5” in Recital B on page 2 deleted and replaced with a reference to “Chapter 7”; and (2) the references to “rule 5.2.1(1) of Chapter 5” in clause 3(b) (Interest) deleted and replaced with a reference to “rule 7.2.1 (collective portfolio management firm) of Chapter 7” or “rule 7.2.2 (internally managed AIF) of Chapter 7” (as applicable). Requirements on a firm in relation to qualifying subordinated loans 7.5.4 R A firm including a qualifying subordinated loan in its calculation of own funds must not: (1) secure all or any part of the loan; or (2) redeem, purchase or otherwise acquire any of the liabilities of the borrower in respect of the loan; or (3) amend or concur in amending the terms of the loan agreement; or (4) repay all or any part of the loan otherwise than in accordance with the terms of the loan agreement; or (5) take or omit to take any action whereby the subordination of the loan or any part thereof might be terminated, impaired or adversely affected.
Annex G Amendments to the Conduct of Business sourcebook (COBS) In this Annex underlining indicates new text and striking though indicates deleted text. 2.1 Acting honestly, fairly and professionally The client's best interests rule Page 78 of 91 Appendix 1 2.1.1 R (1) A firm must act honestly, fairly and professionally in accordance with the best interests of its client (the client's best interests rule). … (4) This rule applies in relation to: (a) a full scope UK AIFM of: (i) a UK AIF; (ii) an EEA AIF managed or marketed from an establishment in the United Kingdom; and (iii) a non-EEA AIF; and (b) an incoming EEA AIFM branch which manages or markets a UK AIF. [Note: article 19(1) of MiFID, and article 14(1)(a) and (b) of the UCITS Directive and article 12(1)(b) of AIFMD] Treating investors fairly 2.1.4 R A full scope UK AIFM and an incoming EEA AIFM branch must: (1) treat all investors in any AIF it manages fairly; and (2) not allow any investor in an AIF it manages to obtain preferential treatment, unless such preferential treatment is disclosed in the relevant AIF’s instrument constituting the fund. [Note: article 12(1)(f) and article 12(1) first paragraph of AIFMD] Subordinate measures for alternative investment fund managers [Note: articles [x] to [y] of the AIFMD level 2 regulation lay down detailed rules supplementing the relevant provisions of Article 12(1) of AIFMD]
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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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(1) a full scope UK AIFM of: (a) a
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experienced; Page 19 of 91 Appendix
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(Own funds requirement). [Note: art
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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 168 and 169: Single Market Directive … Page 45
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Page 186 and 187: Types of investment firm: BIPRU 50K
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Page 194 and 195: TABLE 7.4 PART I A firm must calcul
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Page 198 and 199: initial capital (see item 5) if the
Page 202 and 203: Annex H Amendments to the Supervisi
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Page 206 and 207: … Data item SUP 16.12.12R, unless
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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
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