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

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CP12/32 Implementation of the Alternative Investment Fund Managers Directive Other permitted activities of AIFMs and UCITS management companies 4.16 Both AIFMD and the UCITS Directive restrict the range of activities that a collective portfolio manager may carry out. The same firm can manage both UCITS and AIFs if it holds the necessary authorisations, so it will be possible for the Part IV permissions of managing an AIF and managing a UCITS to be held together. Annex X 4.17 An AIFM and a UCITS management company may also be permitted to carry out certain other activities that would otherwise be regulated under MiFID. So those firms may hold the Part IV permissions necessary to enable them to perform some or all of the services allowed by Article 6(4) of AIFMD and Article 6(3) of the UCITS Directive. 26 We expect to apply limitations or requirements to the permissions where necessary to make it clear that the firm cannot be a manager of AIFs or UCITS and simultaneously perform the full range of activities possible under a MiFID authorisation. 4.18 There is currently some uncertainty about whether an AIFM that carries out ‘MiFID services’ under Article 6(4) has the right under AIFMD to passport those services to other Member States. Our provisional view is that they do have such a right, but some other Member States think they would need to be authorised under either MiFID or the UCITS Directive to do so (and any MiFID licence would have to be limited to those specified activities). However, in practice, a UK firm will hold the same Part IV permissions, whichever Directive they are considered to derive from 27 , so UK AIFMs are likely to be able to provide those services elsewhere in the EEA. Authorisation of depositaries 4.19 The Treasury consultation document explains that the existing regulated activities of acting as trustee or depositary of an authorised fund will be replaced by the two new depositary activities mentioned in paragraph 4.4. Chapter 9 of this paper explains which UK firms can be appointed as depositary of an AIF and what requirements they have to meet. 4.20 The Treasury is proposing to provide in its regulations that firms with Part IV permissions to act as trustee of an AUT or depositary of an OEIC will, where the AUT or OEIC is a UCITS, automatically be transferred to the activity of acting as a depositary of UCITS. 4.21 We are currently considering whether we can apply a ‘grandfathering’ process to VoPs for the activity of acting as a depositary of AIFs, and will tell firms in due course what we intend to do. 26 Rules in FUND 2 giving effect to these options will be consulted on in CP2. 27 Except that an AIFM is permitted to carry out the activity of receiving and transmitting orders under AIFMD but not under the UCITS Directive. 30 Financial Services Authority November 2012
November 2012 External valuers CP12/32 Implementation of the Alternative Investment Fund Managers Directive 4.22 The Treasury does not intend to make a new regulated activity of acting as the external valuer of an AIF. So, where an external valuer is appointed by the AIFM in accordance with FUND 3.9.7R, there is no requirement for the valuer to be an authorised person. Financial Services Authority 31
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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 11 of 91 Appendix 1 (4) the id
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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 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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[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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