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CP13/9 Implementation of the Alternative Investment Fund Managers Directive CP consultation paper CP1 the FSA’s first AIFMD consultation CP2 the FSA’s second AIFMD consultation CP3 the FSA’s third AIFMD consultation CPM firm collective portfolio management firm CPMI firm collective portfolio management investment firm EEA European Economic Area ESMA European Securities and Markets Authority Annex X EU European Union, which includes the European Economic Area (EEA) unless otherwise stated FCA Financial Conduct Authority FOS Financial Ombudsman Service FSA Financial Services Authority FSCS Financial Services Compensation Scheme FSMA Financial Services and Markets Act 2000, as amended FUND draft Investment Funds sourcebook of the FSA Handbook GENPRU General Prudential sourcebook of the FSA Handbook IPRU (INV) Interim Prudential sourcebook for Investment Business of the FSA Handbook Level 1 Directive 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 Level 2 Regulation Commission regulation on AIFMD implementing measures LLP UK limited liability partnership Member State a Member State of the European Union MiFID Directive 2004/39/EC on Markets in Financial Instruments MoU Multilateral Memorandum of Understanding NURS non-UCITS retail scheme OEIC open-ended investment company established under the OEIC Regulations 4 Financial Services Authority March 2013
CP13/9 Implementation of the Alternative Investment Fund Managers Directive OJ Official Journal of the European Union Part IV permission a firm’s permission to carry on a regulated activity granted under FSMA (from 1 April 2013, this will be referred to as a Part 4A permission) PERG Perimeter Guidance Manual Prospectus Directive Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading (as amended) QIS qualified investor scheme RAO Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (as amended) REIT real estate investment trust RTS regulatory technical standards SUP Supervision manual of the FSA Handbook SYSC Senior Management Arrangements, Systems and Controls sourcebook of the FSA Handbook The Treasury Her Majesty’s Treasury UCIS unregulated collective investment scheme UCITS undertaking for collective investment in transferable securities UCITS Directive Directive 2009/65/EC on the coordination of laws, regulations 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 permission March 2013 Financial Services Authority 5
Page 1: Consultation Paper CP13/9 Financial
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Annex 1 March 2013 CP13/9 Implement
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Annex 1 March 2013 Compliance cost
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Appendix 1 CP13/9 Implementation of
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(3) regulation 61 (Applications for
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Annex A Making the Investment Funds
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6 Appendix AIF or UCITS in the Unit
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External AIFMs 8 Appendix 1.4.3 R A
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[To follow] Amend the following as
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… 12 Appendix (2) With the except
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Application 3.9.1 R This section ap
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3.11.26R x x 3.11.29R x x 3.11.30R
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18 Appendix (a) a management passpo
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manage an AIF (SUP 13A.5.3G); (3) g
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eporting); and 22 Appendix (2) appr
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24 Appendix (3) appropriate coopera
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Marketing), which includes guidance
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28 Appendix (2) Therefore the FCA h
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24 Inducements Applies as a rule 25
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58 Electronic data processing Appli
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91 Reporting obligations for prime
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Schedule 1 Record keeping requireme
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Annex B Amendments to the Glossary
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Amend the following definitions as
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control … 42 Appendix (9) (in rel
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44 Appendix (a) does not meet the c
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[Note: article 4(1)(x) of AIFMD] pa
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… sub-fund … 48 Appendix (b) (i
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Annex D Amendments to the Senior Ma
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52 Appendix 3.2B R For a full scope
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54 Appendix SYSC 4.2.2R Rule Rule R
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56 Appendix carried on by a firm wh
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management investment firm SYSC 5.1
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60 Appendix sentence at the start.
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SYSC 6.3.10G Guidance Guidance Guid
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SYSC 7.1.11R Rule applies only to a
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SYSC 8.1.11R Rule Rule for a UCITS
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68 Appendix SYSC 10.1.4R Rule Rule
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SYSC 10.1.11AG SYSC 10.1.12G - SYSC
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2.3 SYSC 4.2.2R to SYSC 4.2.5G, SYS
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… 3.2.7 … 3 Annex 1R R Table of
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Section 272 of the Act Part 3 - (no
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… the United Kingdom of an AIF ma
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… A small registered UK AIFM in p
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… A.9 GROSS INCOME 82 Appendix ti
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… the Act Non-EEA AIFs recognised
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… 6 Annex 3R … Financial Servic
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Annex G Amendments to the Prudentia
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6 The changes to IPRU(INV) set out
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2.1.4 R This table belongs to IPRU(
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... 94 Appendix unauthorised AIF (a
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Assets secured by acceptable collat
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Table 10-62(2)A Table 10-62(2)B Tab
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… Category 3 person 100 Appendix
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Chapter, section, rule 11.3 Client
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(1A) references to client in the cl
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scheme fund was a retail client on
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the investment objectives for the p
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(12) Clients' money outside the Uni
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whether or not the portfolio may co
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18.5.14 R An operator of an unregul
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Except in the case of a portfolio w
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… separately disclosed in writing
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Annex J Amendments to the Client As
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6.1.16I B 6.1.16I C … CASS 6.5.1R
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… 8.1.2A R The mandate rules do n
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Annex K Amendments to the Supervisi
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128 Appendix 10.8.9 G For a full sc
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… … 130 Appendix (2) if the UK
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13.6.10 G … unless: (a) it has sa
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shares of the AIF to an investor th
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… 13A Annex 1G … Module of Hand
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G …Requirements in the interest o
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Regulations govern any changes to t
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… 16.3 General provisions on repo
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Purpose 144 Appendix 16.18.3 G The
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Annex L Amendments to the Dispute R
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2.6.1 R (1) … 2.6.2 G This: … (
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Annex M Amendments to the Compensat
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… 152 Appendix UCITS scheme but o
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14.2 Obtaining top-up cover … 154
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8.37.9G to PERG 8.37.13G); 156 Appe
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(a) an AIF managed by a small regis
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160 Appendix (2) The AIFMD marketin
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Flowcharts 162 Appendix (4) The pen
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Flowchart 2 - Does the AIFM of the
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166 Appendix An AIF means a collect
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168 Appendix According to the ESMA
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(b) to pursue certain investment st
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(6) Whether the undertaking has the
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174 Appendix (5) Whether the invest
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176 Appendix (1) First, apply the D
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178 Appendix No. Neither an occupat
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Question 2.38: Can a contract of in
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182 Appendix On the face of it this
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184 Appendix Joint ventures are oft
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186 Appendix (3) The money or asset
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188 Appendix The answer to Question
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190 Appendix Question 2.62: How do
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(c) valuation and pricing, includin
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The FCA’s reasons for saying this
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Question 4.2: What does depositary
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Interests in an AIF as specified in
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(8) A firm (A) with permission to m
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(17) Same as example (16). However,
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The European Investment Fund, the E
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206 Appendix In general it is inher
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Full name of firm † Purpose of th
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1011 Declaration … I enclose the
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1 Contact details 1.1 Details of th
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3 Alternative Investment Fund Manag
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Where to send this form 1) Please a
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1 Contact details 1.1 Details of th
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3 Alternative Investment Fund Manag
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3.8 Where relevant, arrangements es
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Where to send this form 1) Please a
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