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

CP12/32
Implementation of the Alternative Investment Fund Managers Directive
6
Transparency
Annex X
6.1 This chapter covers the Directive’s requirements for information to be made available to
investors and markets, and to regulators. These relate to information that should be
available to investors before an investment decision is made, and on an ongoing basis, the
information that must been reported to us.
6.2 One of the main objectives of AIFMD is to make it easier for investors and supervisory
authorities to assess the risks that AIFMs and AIFs might pose. We propose to introduce
rules in the new FUND sourcebook which will transpose Articles 22-24 of the Directive.
6.3 The Treasury has indicated that it will use the national discretion granted by the Directive
to continue to allow private placement in the UK of AIFs managed by non-EEA AIFMs,
provided certain conditions are met. 42 One of these conditions is that the non-EEA AIFM
must comply with similar transparency requirements to authorised AIFMs. So the Treasury
is consulting on requiring these AIFMs to comply with Articles 22-24 of the AIFMD.
Disclosure to investors
6.4 New rules in FUND 3.2 will transpose the requirements of Article 23 of Level 1, by setting
out the information that AIFMs must disclose to investors, for each AIF managed or
marketed in the EEA. FUND 3.2 will also refer to the relevant Articles of the Level 2
Regulation that provide more detail on these requirements.
6.5 The requirements in FUND 3.2 will apply to UK AIFMs for each EEA AIF they manage
and for each AIF they market in the EEA. Under the draft Treasury regulations, non-EEA
AIFMs will have to comply with similar requirements for each AIF they market in the UK.
42 Article 42 AIFMD.
40 Financial Services Authority November 2012