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

Annex 1
November 2012
Table 1: Summary of costs reported by AIFMs
CP12/32
Implementation of the Alternative Investment Fund Managers Directive
Requirements Incremental costs
Authorisation or variation
in permissions
One-off Ongoing (annual)
Authorisation £11,000 – £127,000 NA
Variation of
permissions
£0 – £273,000 NA
Operating requirements £0 – £480,000 £0 – £1,158,000
Delegation £0 – £52,000 £0 – £243,000
Valuation £0 – £26,000 £0 – £156,000
Liquidity management £0 – £167,000 £0 – £185,000
Leverage £0 – £186,000 £0 – £195,000
Transparency £0 – £134,000 £0 – £156,000
Remuneration £0 – £447,000 £0 – £185,000
Capital requirements See Table 5 See Table 5
Authorisation or variation of permissions
20. AIFMs managing unleveraged closed-ended funds, for example, certain private equity, real
estate or investment trust managers, with AUMs over £500m in AIFs and firms managing
leveraged funds with assets above £100m in AIFs will need to be authorised by the FCA.
For AIFMs that are currently already authorised by the FSA, this will amount to varying
their permissions. The ranges of costs arising from authorisation requirements are provided
in Table 2.
Financial Services Authority A1:5