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

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CP12/32 Implementation of the Alternative Investment Fund Managers Directive provision for AIFMs wishing to use an EEA credit institution as an AIF depositary is explained in Chapter 9. 2.44 We will provide further information on the position for depositaries of AIFs managed by sub-threshold AIFMs in CP2. Annex X 22 Financial Services Authority November 2012
3 Scope November 2012 CP12/32 Implementation of the Alternative Investment Fund Managers Directive 3.1 This chapter covers matters of scope insofar as this is possible given continuing work by ESMA and the Commission. It is intended to be helpful by indicating to firms whether they are managing AIFs and therefore likely to be in scope of the Directive. Meaning of ‘AIF’ and ‘AIFM’ 3.2 The terms ‘AIF’ and ‘AIFM’ are defined in Article 4 of the Directive. AIFMs are ‘legal persons whose regular business is managing one or more AIFs’. 18 As a result, the definition for AIFMs is heavily dependent on the definition of an AIF. 3.3 An AIF is a collective investment undertaking that raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors, and that does not require authorisation under the UCITS Directive. 19 This definition captures a very broad group of collective investment undertakings, apart from those authorised as UCITS schemes in the UK or other EEA Member States. Each AIF managed within the scope of this Directive must have a single AIFM. 20 3.4 The scope provisions in Article 2 AIFMD refer to different categories of AIFMs and AIFs based on their place of establishment: • AIFMs based in the EEA managing AIFs based in the EEA, whether the AIFM and the AIF are based in the same Member State or different Member States. • AIFMs based in the EEA managing AIFs outside of the EEA, whether or not those AIFs are marketed in the EEA. • AIFMs outside the EEA managing AIFs based in the EEA. • AIFMs outside the EEA marketing AIFs in the EEA, whether those AIFs are based in the EEA or outside of the EEA. 18 Article 4(1)(b) AIFMD. See definition of ‘alternative investment fund manager’ in Glossary. 19 Article 4(1)(a) AIFMD. See definition of ‘alternative investment fund’ in Glossary. 20 Article 5(1) AIFMD. Financial Services Authority 23
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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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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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experienced; Page 19 of 91 Appendix
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Page 21 of 91 Appendix 1 by the fac
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Page 23 of 91 Appendix 1 3.11.5 G T
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(Own funds requirement). [Note: art
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supplements the meaning of financia
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instruments remain in its custody;
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supplementing this section] 4. Comm
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Annex B Amendments to the Glossary
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collective portfolio management fir
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Page 37 of 91 Appendix 1 non-listed
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BIPRU 730k firm Page 39 of 91 Appen
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… Page 41 of 91 Appendix 1 (e) (i
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esources only at excessive cost. Pa
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Single Market Directive … Page 45
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Page 49 of 91 Appendix 1 7.1.7B In
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[Note: paragraph 1(c) of Annex II o
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[Note: paragraph 1(k) of Annex II o
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[Note: paragraph 1(r) of Annex II o
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Page 61 of 91 Appendix 1 amount of
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Types of investment firm: BIPRU 50K
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The following text is new and is no
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Page 69 of 91 Appendix 1 so that th
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TABLE 7.4 PART I A firm must calcul
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Note consistently in respect of any
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initial capital (see item 5) if the
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Form of qualifying subordinated loa
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Annex H Amendments to the Supervisi
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Descriptio n of data item Annual re
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… Data item SUP 16.12.12R, unless
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indicated otherwise. Data item Firm
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client assets … Page 87 of 91 App
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… Data item SUP 16.12.23R, unless
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FSA066 and FSA06 are added - see fo
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Liquid assets test 32 Liquid assets
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Professional negligence capital req
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is not listed, select ‘Other’.
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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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