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

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CP12/32 Implementation of the Alternative Investment Fund Managers Directive Annex X 7.79 Depending on how we implement proportionality for the AIFMD regime in the UK, larger, more complex AIFM investment firms may end up having to comply with more requirements than has so far been the case under the Code. 7.80 We have included this proposed requirement in consequential changes to BIPRU, which effectively treat AIFM investment firms as BIPRU investment firms in the Handbook and thus subject to the Remuneration Code. 93 Additionally, a new guidance provision in the Code clarifies the treatment of AIFM investment firms. 94 Q7: Do you agree with our proposal for aligning the existing requirements under the FSA Remuneration Code with the new AIFMD remuneration rules? Do you have any specific concerns regarding: • Our proposed treatment of AIFMs which are part of a banking group? • AIFMs doing MiFID investment business? 93 See revisions to GENPRU and BIPRU integrating AIFM Investment Firms. 94 SYSC 19A.1.1AG. 62 Financial Services Authority November 2012
CP12/32 Implementation of the Alternative Investment Fund Managers Directive 8 Management requirements for AIFMs 8.1 This chapter covers requirements on AIFMs relating to valuation of an AIF’s assets, including the use of an external valuer, management of liquidity within the AIF’s portfolios, and use of leverage by AIFMs for AIFs under management. November 2012 Valuation 8.2 AIFMs will be required to put appropriate and consistent procedures in place for the proper and independent valuation of the assets of each AIF they manage. Also, the net asset value (NAV) per unit or share of each AIF must be calculated and disclosed to investors at least once a year. These requirements are transposed in FUND 3.9 and should be incorporated into the constitutional documents of the AIF. 8.3 The Level 2 Regulation is expected to contain further information on the valuation procedures that AIFMs must put in place. For example, it is likely that AIFMs will be required to undertake periodic reviews of the valuation methodologies and the valuation of individual assets where a material risk of inappropriate valuation might arise. Appointment of an external valuer 8.4 FUND 3.9.7R will require an AIFM to carry out the valuation of the AIF itself or appoint an external valuer. If an AIFM opts for an external valuer to perform the function, the AIFM will be required to notify us of this appointment. The AIFM must demonstrate that the external valuer is professionally registered and subject to legal or regulatory provisions or professional conduct rules, and that the valuer can provide professional guarantees assuring effective performance. The AIFM must also establish that the delegation safeguards set out in FUND 3.10.2R, 3.10.4R and the Level 2 Regulation have been duly met. Financial Services Authority 63
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Consultation Paper CP12/32 Financia
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The Financial Services Authority in
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CP12/32 Implementation of the Alter
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Annex 4 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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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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Page 51 of 91 Appendix 1 [Note: art
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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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