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

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CP12/32 Implementation of the Alternative Investment Fund Managers Directive Annex X 6.33 The required frequency of reporting will be set out in the Level 2 Regulation and is likely to depend on the size and type of funds managed by the AIFM. We expect that the first reporting deadline will be October 2013 and will apply to certain AIFMs authorised after 22 July 2013, where those AIFMs manage portfolios of AIFs whose assets total more than €1 billion, or manage an individual AIF whose assets total more than €500m. It will not apply to AIFMs operating under transitional provisions as set out in Chapter 2. 6.34 In addition, AIFMs must provide the FCA on request with an annual report for each AIF they manage or market in the EEA and a detailed list each quarter of all the AIFs they manage. AIFMs employing substantial leverage 6.35 An AIFM managing an AIF that employs leverage on a substantial basis must report additional information to the FCA on the level and type of leverage used, as well as on the source of funding for the leverage. We expect the Level 2 Regulation to define the use of leverage on a ‘substantial’ basis. Capital reporting by AIFMs 6.36 In addition to reporting information about the AIFs they manage under Article 24, we intend to require AIFMs to report information for their capital requirements and the amount of capital they hold. These requirements will be set out in SUP 16 Annex 24R. They are explained in paragraphs 5.36 to 5.41 on prudential requirements. Additional reporting 6.37 The reporting rules aim to make it easier for regulators to identify, assess, monitor and manage systemic risk effectively. The FCA will be given the power to require AIFMs to report additional information on a ‘periodic’ or ‘ad hoc’ basis where necessary for it to manage systemic risk. We are currently considering in what circumstances we may require AIFMs to report additional information to us and will provide an update on this in due course. In exceptional circumstances, ESMA will have the power to ask the FCA and other competent authorities to impose additional reporting requirements on AIFMs that must report under the rules of FUND 3.4. Operational aspects of reporting 6.38 To comply with FUND 3.7.8R, AIFMs will need to inform the FCA of any changes in the leverage limits of the AIFs they manage. In DP12/1 we asked respondents for their views on the best way to report this to us. 55 Responses were mixed, with some favouring a written notification and others preferring an online platform. We are updating our systems to take 55 Question 16 DP12/1. 46 Financial Services Authority November 2012
November 2012 CP12/32 Implementation of the Alternative Investment Fund Managers Directive account of the new data that firms will need to report to the FCA and expect to provide an update in due course on how firms will need to report. 6.39 In DP12/1 we noted that non-EEA AIFMs marketing AIFs in the UK will also have to report to the FCA and asked for respondents’ views on the most practical way for them to do this. 56 Most respondents either suggested that ESMA should develop a standardised reporting form or that the FCA should rely on the reports that non-EEA AIFMs provide to their national regulator. There was no clear consensus on which of these would work better. The reporting templates that ESMA is developing will capture non-EEA AIFMs and will provide consistency in reporting obligations across Member States. So we expect that non-EEA AIFMs will report to the FCA after 22 July 2013 using the same systems as UK AIFMs. 56 Question 37 in DP12/1. Financial Services Authority 47
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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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Page 17 of 91 Appendix 1 (b) the re
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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 59 of 91 (2) the fixed overhea
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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 67 of 91 Appendix 1 (1) at the
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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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