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

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CP12/32 Implementation of the Alternative Investment Fund Managers Directive Annex X originator, sponsor or original lender in relation to the securitisation positions in order for an AIFM to be able to invest therein. FUND 3.5 will in due course contain a link to the Level 2 Regulation containing the additional risk management requirements on investment in securitisation positions. 68 Financial Services Authority November 2012
9 Depositaries November 2012 CP12/32 Implementation of the Alternative Investment Fund Managers Directive 9.1 This chapter describes our proposals for depositaries of AIFs, including who can be a depositary, what capital requirements should apply, how the regime for ‘private equity AIF’ depositaries should work, the independence requirement for depositaries, rules for carrying on depositary functions for non-EEA AIFs, and the transitional provision relating to EEA credit institutions acting as AIF depositaries. 9.2 In Chapter 7 of DP12/1 we set out some of the key implementation issues relating to depositaries of AIFs, including who can be appointed to the role, their duties and the extent of their liability. Much of the detail relating to these issues will be determined by the Level 2 Regulation, but there are some areas of national discretion on which we are consulting. 9.3 FUND 3.11 transposes parts of Article 21 of the Directive, which prescribe the requirements that AIF depositaries must follow. Other parts of Article 21, relating to the depositary’s legal liability and the circumstances in which it can discharge that liability, will be transposed by the Treasury regulations and will not be included in the Handbook. 9.4 FUND 3.11 contains rules and guidance on: • the duties of the AIFM concerning appointing a depositary; • general duties of the AIFM and depositary, and avoiding conflicts of interest; • eligibility to be a depositary of an AIF; • the functions of the depositary; • delegating the safekeeping function; and • performing depositary functions for a non-EEA AIF. 9.5 We are currently considering whether the rules in the Client Assets sourcebook (CASS) that apply to depositaries are fully aligned with the Level 1 and Level 2 provisions of AIFMD. We will address any matters that require a change to CASS, or a clarification, in CP2. Financial Services Authority 69
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Consultation Paper CP12/32 Financia
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The Financial Services Authority in
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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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