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

More documents

Recommendations

Info

CP12/32 Implementation of the Alternative Investment Fund Managers Directive SPE special purpose entity SUP Supervision manual of the FSA Handbook SYSC Senior Management Arrangements, Systems and Controls sourcebook of the FSA Handbook TFEU Treaty on the Functioning of the European Union The Bill The Financial Services Bill 2012 The Treasury Her Majesty’s Treasury UCIS unregulated collective investment scheme Annex X UCITS undertaking for collective investment in transferable securities UCITS Directive Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (recast) UK Authorities The Treasury and the FSA UPRU Prudential sourcebook for UCITS Firms of the FSA Handbook VoP variation of a Part IV FSMA permission 6 Financial Services Authority November 2012
1 Overview November 2012 Part I of our consultation CP12/32 Implementation of the Alternative Investment Fund Managers Directive 1.1 This Consultation Paper (CP) is the first of two planned FSA consultations on rules and guidance to transpose the requirements of the Alternative Investment Fund Managers Directive 1 (AIFMD) into UK law. This means making changes to primary and secondary legislation and to the FSA Handbook. The Treasury and the FSA (the UK Authorities) are working closely together to achieve a streamlined implementation. 1.2 This paper follows on from our Discussion Paper DP12/1, published in January 2012. In that paper, we explained the background to the AIFMD and our general approach to implementing it in the UK. You may find DP12/1 useful for understanding some of the issues covered in this paper. 1.3 The Treasury is responsible for making legislative changes to ensure that our successor body, the Financial Conduct Authority (FCA), has the powers it needs to implement AIFMD. The Treasury will be consulting on this in its consultation document. Implementing AIFMD 1.4 We must implement regulations transposing AIFMD by 22 July 2013. We have little scope for discretion in how we do this, because AIFMD is mostly a maximum-harmonising Directive 2 , but Member States of the EU are allowed a limited number of options or derogations. 3 Some of these can be exercised by national competent authorities (the FCA and equivalent regulatory bodies in other Member States). We propose to do this in a 1 Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010. 2 A maximum harmonising Directive means that Member States have very limited discretion to apply additional requirements or requirements that differ from those in the Directive. 3 In Article 60 of AIFMD these are: articles 6 (individual portfolio management on a client-by-client discretionary basis), 9 (capital), 21 (depositaries), 22 (annual report), 28 (private equity), 43 (marketing of AIFs to retail investors in a national jurisdiction) and 61(5) (transitional provision for depositaries). Financial Services Authority 7
Page 1: Consultation Paper CP12/32 Financia
Page 4 and 5: The Financial Services Authority in
Page 6 and 7: CP12/32 Implementation of the Alter
Page 58 and 59:
CP12/32 Implementation of the Alter
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 105 and 106:
Annex 2 List of consultation questi
Page 107:
Annex 2 November 2012 CP12/32 Imple
Page 111 and 112:
Page 113 and 114:
Page 115:
Page 118 and 119:
Page 120 and 121:
Page 122 and 123:
Page 124 and 125:
ALTERNATIVE INVESTMENT FUND MANAGER
Page 126 and 127:
Annex A Making the Investment Funds
Page 128 and 129:
Page 5 of 91 Appendix 1 (2) a descr
Page 130 and 131:
3.2.5 R An AIFM must, for each AIF
Page 132 and 133:
Page 9 of 91 Appendix 1 (6) the agg
Page 134 and 135:
Page 11 of 91 Appendix 1 (4) the id
Page 136 and 137:
[Note: article 15(1) of AIFMD] this
Page 138 and 139:
(1) a full scope UK AIFM of: (a) a
Page 140 and 141:
Page 17 of 91 Appendix 1 (b) the re
Page 142 and 143:
experienced; Page 19 of 91 Appendix
Page 144 and 145:
Page 21 of 91 Appendix 1 by the fac
Page 146 and 147:
Page 23 of 91 Appendix 1 3.11.5 G T
Page 148 and 149:
(Own funds requirement). [Note: art
Page 150 and 151:
supplements the meaning of financia
Page 152 and 153:
instruments remain in its custody;
Page 154 and 155:
supplementing this section] 4. Comm
Page 156 and 157:
Annex B Amendments to the Glossary
Page 158 and 159:
collective portfolio management fir
Page 160 and 161:
Page 37 of 91 Appendix 1 non-listed
Page 162 and 163:
BIPRU 730k firm Page 39 of 91 Appen
Page 164 and 165:
… Page 41 of 91 Appendix 1 (e) (i
Page 166 and 167:
esources only at excessive cost. Pa
Page 168 and 169:
Single Market Directive … Page 45
Page 170 and 171:
Page 47 of 91 Appendix 1 [Note: art
Page 172 and 173:
Page 49 of 91 Appendix 1 7.1.7B In
Page 174 and 175:
Page 51 of 91 Appendix 1 [Note: art
Page 176 and 177:
[Note: paragraph 1(c) of Annex II o
Page 178 and 179:
[Note: paragraph 1(k) of Annex II o
Page 180 and 181:
[Note: paragraph 1(r) of Annex II o
Page 182 and 183:
Page 59 of 91 (2) the fixed overhea
Page 184 and 185:
Page 61 of 91 Appendix 1 amount of
Page 186 and 187:
Types of investment firm: BIPRU 50K
Page 188 and 189:
The following text is new and is no
Page 190 and 191:
Page 67 of 91 Appendix 1 (1) at the
Page 192 and 193:
Page 69 of 91 Appendix 1 so that th
Page 194 and 195:
TABLE 7.4 PART I A firm must calcul
Page 196 and 197:
Note consistently in respect of any
Page 198 and 199:
initial capital (see item 5) if the
Page 200 and 201:
Form of qualifying subordinated loa
Page 202 and 203:
Annex H Amendments to the Supervisi
Page 204 and 205:
Descriptio n of data item Annual re
Page 206 and 207:
… Data item SUP 16.12.12R, unless
Page 208 and 209:
indicated otherwise. Data item Firm
Page 210 and 211:
client assets … Page 87 of 91 App
Page 212 and 213:
… Data item SUP 16.12.23R, unless
Page 214 and 215:
FSA066 and FSA06 are added - see fo
Page 216 and 217:
Liquid assets test 32 Liquid assets
Page 218 and 219:
Professional negligence capital req
Page 220 and 221:
is not listed, select ‘Other’.
Page 222 and 223:
FSA067 Capital adequacy - supplemen
Page 224 and 225:
PII capital requirement 5A This is
Page 226 and 227:
External validations Validation Dat
Page 228 and 229:
Page 230:
show all

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

Create successful ePaper yourself

Delete template?

Save as template?