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Contents © The Financial Services Authority 2013 CP13/9 Implementation of the Alternative Investment Fund Managers Directive Abbreviations used in this paper 3 1. Overview 7 2. Implementation 13 3. Operating requirements for full-scope and sub-threshold AIFMs 21 4. Prudential requirements 27 5. Consumer redress: the FOS and the FSCS 29 6. Depositaries and client assets requirements 36 7. Marketing 40 8. Fees 45 Annex 1: Cost benefit analysis Annex 2: List of consultation questions Annex 3: Compatibility statement Annex 4: Prudential classification for investment fund managers Annex 5: Summary of FOS and FSCS coverage of cross-border activities Appendix 1: Draft Handbook text
Page 1: Consultation Paper CP13/9 Financial
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CP13/9 Implementation of the Altern
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Annex 2 List of consultation questi
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Annex 2 March 2013 CP13/9 Implement
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ALTERNATIVE INVESTMENT FUND MANAGER
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Citation 3 Appendix J. This instrum
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5 Appendix (2) A residual CIS opera
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7 Appendix AIFM with a registered o
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have a Part 4A permission to manage
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Application 3.2.1 R This section ap
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… 3.7 Risk management Application
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Application 3.11.1 R This section a
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… 17 Appendix AIFMD UK regulation
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Application 10.2.1 G This section a
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21 Appendix (3) guidance in relatio
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National private placement register
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AIFMD UK regulation; 25 Appendix (5
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1.1 Application 1.1.1 R This append
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7 Gross method for calculating the
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41 Assessment, monitoring and revie
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75 General principles Applies as a
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35 Appendix 103 General principles
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1. Actions for damages: Investment
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ESMA AIFMD Key Concepts Guidelines
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*AIFM investment firm a firm which:
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designated investment business …
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45 Appendix energy market participa
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Regulated Activities Order. 47 Appe
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Annex C Amendments to the Principle
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accordance with column A++ of Part
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applicable SYSC 4.1.4R Rule Rule No
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55 Appendix SYSC 4.3.2AG Not applic
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57 Appendix and (4) a sole trader,
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SYSC 5.1.14R Rule Rule Not applicab
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61 UK AIFM Appendix SYSC 6.1.4AR No
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SYSC 7.1.4BG Not applicable Not app
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guidance SYSC 8.1.1AG Not applicabl
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SYSC 9.1.2R Rule applies only in re
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SYSC 10.1.7R Rule Rule Not applicab
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Additional guidance on governance a
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Annex E Amendments to the Fees manu
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3 Annex 2R [FCA] … Moderately com
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the Act notice under section 270 of
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Any manager of an authorised unit t
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… … … … A.9 Operators, Trus
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… 4 Annex 4R … … ICVC, 83 App
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5 Annex 1R … 85 Appendix Annual G
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Annex F Amendments to the General P
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Annex H Amendments to the Interim P
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… 1.2.3 G For the avoidance of do
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… scheme management activity …
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… Note 95 Appendix calculated at
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… 97 Appendix (d) Establishing, o
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Annex I Amendments to the Conduct o
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18.5.2- A an AIFM, AIFM investment
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6.1G.2 Applies Applies Applies Appl
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(5) COBS 11.2.25R(1) and COBS 11.2.
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(2) Services the nature of the serv
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scheme fund; (iv) the extent to whi
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type of assets of the scheme fund t
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provide a periodic statement, provi
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… 18.5.17 E Table: General conten
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enterprise trust, it will be suffic
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they were in force as at 21 July 20
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… (1C) when it is acting as a dep
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… 123 Appendix in custody)] of th
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125 Appendix (2) A Subject to parag
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10 Approved persons … Internally
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129 Appendix 13.3.4B G If the UK fi
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131 Appendix (c) where the notice o
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133 Appendix (2) If a planned chang
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13A Qualifying for authorisation un
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limitations, see DISP 1.1.3R), exce
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(e) COBS 2.1.4R. 11J In accordance
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141 Appendix 15.3.27 R Where a smal
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(1) a full scope UK AIFM; (2) a sma
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December in each calendar year. 16.
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1 Annex 2G Application of DISP 1 to
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149 Appendix (c) the AIFM or deposi
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… 151 Appendix (18) Alternative i
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… 14.1 Application and Purpose Ap
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Annex N Amendments to the Perimeter
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157 Appendix at this point the AIFM
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its behalf, is allowed to market an
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161 Appendix required to publish a
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Flowchart 1 - Are you marketing an
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165 Appendix The purpose of this ch
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167 Appendix Question 2.4: Is an AI
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169 Appendix According to the ESMA
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171 Appendix According to the ESMA
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173 Appendix Financial assets for t
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The FCA considers that the term inv
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Question 2.27: Is an investment tru
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179 Appendix In the FCA’s view su
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181 Appendix On the other hand if e
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Question 2.46: Is an exchange trade
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185 Appendix The definition of AIF
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187 Appendix The question is then w
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Therefore the exclusion in article
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16.3 Managing an AIFM 191 Appendix
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Yes. An AIFM may be either: 193 App
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195 Appendix Strictly speaking this
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16.5 How the AIFMD affects other re
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(3) An unauthorised person (A) mana
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(13) A firm with permission to mana
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Entities that are not AIFs Persons
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205 Appendix Recital (8) of AIFMD s
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Question 8.1: What is the territori
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… 10 Alternative Investment Fund
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Notification of intention to provid
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2 Details of the services to be pro
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4 Declaration Note to Declaration I
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Notification of intention to provid
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2 Details of the services to be pro
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3.5 If the AIF is a feeder AIF, the
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4 Declaration Note to Declaration I
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PUB REF: 004681 The Financial Servi
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