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

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Contents © The Financial Services Authority 2012 CP12/32 Implementation of the Alternative Investment Fund Managers Directive Abbreviations used in this paper 3 1. Overview 7 2. Implementation 14 3. Scope 23 4. Authorisations 27 5. Prudential requirements for fund managers 32 6. Transparency 40 7. Operating requirements for AIFMs 48 8. Management requirements for AIFMs 63 9. Depositaries 69 10. Marketing 79 Annex 1: Cost-benefit analysis Annex 2: List of consultation questions Annex 3: Equality and Diversity Impact Assessment Annex 4: Compatibility Statement Annex 5: European Legislative Process Annex 6: List of subjects to be included in our second AIFMD consultation Annex 7: Feedback on DP12/1 Appendix 1: Draft Handbook text Appendix 2: Designation of Handbook Provisions
Page 1: Consultation Paper CP12/32 Financia
Page 5 and 6: Abbreviations used in this paper AI
Page 7 and 8: HFS FSA Hedge Fund Survey November
Page 9 and 10: 1 Overview November 2012 Part I of
Page 11 and 12: November 2012 CP12/32 Implementatio
Page 15 and 16: November 2012 Limited scope for dis
Page 17 and 18: November 2012 Contextualising AIFMD
Page 19 and 20: CP12/32 Implementation of the Alter
Page 25 and 26: 3 Scope November 2012 CP12/32 Imple
Page 27 and 28: November 2012 Types of AIFs CP12/32
Page 29 and 30: 4 Authorisations November 2012 CP12
Page 33 and 34: November 2012 External valuers CP12
Page 41 and 42: November 2012 Financial reporting f
Page 45 and 46: November 2012 Annual reporting CP12
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November 2012 CP12/32 Implementatio
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November 2012 Delegation Delegation
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November 2012 AIFM subsidiary of a
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CP12/32 Implementation of the Alter
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9 Depositaries November 2012 CP12/3
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10 Marketing November 2012 CP12/32
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Annex 1 November 2012 CP12/32 Imple
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Annex 1 November 2012 Table 1: Summ
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Annex 5 European Legislative Proces
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Appendix 1 CP12/32 Implementation o
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Notes Page 2 of 91 Appendix 1 Super
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Depositary of a UK AIF or non-EEA A
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and Page 6 of 91 Appendix 1 (c) whe
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Page 8 of 91 Appendix 1 (1) make an
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Page 10 of 91 Appendix 1 (2) the pr
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[Note: article 16(2) of AIFMD] Liqu
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ehalf of each AIF it manages; and P
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Page 16 of 91 Appendix 1 3.9.3 R An
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Page 18 of 91 Appendix 1 3.9.10 G A
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‘sub-delegate’ and ‘sub-deleg
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3.11.10R x 3.11.11R x 3.11.13R x 3.
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and disclosed to the investors of t
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subscription of units or shares of
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[Note: article 21(11) first paragra
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the depositary, with any necessary
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[To follow] Transitional Provisions
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Page 34 of 91 Appendix 1 AIFM manag
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full scope UK AIFM a UK AIFM which:
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(a) an authorised fund; or Page 38
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… Page 40 of 91 Appendix 1 cases
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initial capital … instrument cons
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Page 44 of 91 Appendix 1 (2A) (in I
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Annex C Amendments to the Senior Ma
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Page 48 of 91 Appendix 1 where one
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Page 50 of 91 Appendix 1 (2) an AIF
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Page 52 of 91 Appendix 1 senior man
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Page 54 of 91 Appendix 1 the perfor
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[Note: paragraph 1(o) first sub-par
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Annex D Amendments to the General P
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(in accordance with GENPRU 2.1.73R)
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Annex E Amendments to the Prudentia
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Annex F Amendments to the Interim P
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7.2 Main requirements UCITS managem
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Funds under management requirement
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Page 70 of 91 Appendix 1 (a) mainta
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(13) Long-term qualifying subordina
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4 Interim profits (Item 3) Non-trad
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9 Long term qualifying subordinated
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Annex G Amendments to the Conduct o
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… pension scheme • establishing
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Client money and client assets Page
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Balance sheet Income statement Capi
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Page 86 of 91 Appendix 1 FSA041 30
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… Securitisation: trading book Su
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Client money and client assets …
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FSA066 Capital adequacy (for collec
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FSA066 - Capital Adequacy (for coll
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firm at the reporting date. Assets
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policy, the business type(s) to whi
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FSA067 - Capital adequacy - supplem
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aggregate. Where these are denomina
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Appendix 2 CP12/32 Implementation o
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PUB REF: 003031 The Financial Servi
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