In The UK, AIFMD directive was implemented in the FCA handbook rules in the new fund sourcebook.
Additionally, there is the Alternative Investment Fund Managers Regulations 2013 (SI 2013/1773).
UK REGULATORY AND GUIDANCE MATERIALS
The FCA has a dedicated AIFMD Page on its website.
This includes links to the key European documentation as well as a number of UK-specific documents:
AIFMD data reporting templates for Gabriel – click here.
Reporting transparency information to the FCA – Questions and answers – click here.
Reporting Annex IV transparency information under the Alternative Investment Fund Managers Directive – click here.
Update to AIFMD Annex IV transparency reporting and GABRIEL (common AIFMD validation errors) – click here.
Submission methods and reporting schedule – click here (see also SUP 16.18)
UK AIFMD ANNEX IV REPORTING
The Annex IV Reporting provisions are included at:
FUND 3.4 for UK AIFMs
FUND 10 for non-EEA AIFMs under the National Private Placement Regime (NPPR).
UK AIFM
FUND 3.4 provides as follows for UK AIFMs:
FCA FUND 3.4.2 – implements the AIFM and AIF 24(1) reporting
FCA FUND 3.4.3 – implements the AIF 24(2) reporting
FCA FUND 3.4.4 – implements the 24(3) reporting, where requested by the FCA
FCA FUND 3.4.5 – implements the AIF 24(4) reporting for AIFs that are leveraged on a substantial basis
FCA FUND 3.4.6 – defines leverage on a substantial basis
FCA FUND 3.4.6(A) (1) implements the ESMA Opinion on systemic risk (see below) as regards requirements to report additional Information on geographic focus, short positions, VAR and sensitivity to exchange rates and commodity prices
FCA FUND 3.4.6(A) (2) implements the ESMA Opinion on systemic risk (see below) as regards the requirement to report on a non-EEA Master AIF not marketing in the EEA, referencing the reporting required under FUND 3.4.3
FCA FUND 3.4.6(B) – points readers for further information to the ESMA Opinion on systemic risk
FCA FUND 3.4.7 points readers to Articles 110 and 111 of the AIFMD Level 2 Regulation for further information
FCA FUND 3.4.8 points readers to the ESMA guidelines on reporting obligations under AIFMD
FCA FUND 3.4.9 references SUP 16.18 as regards frequency of reporting etc
NON-EEA AIFM
In summary, FUND 10.5 provides for marketing under the NPPR.
ESMA’S OPINION
ESMA has issued an opinion advising EU authorities to collect certain additional information in AIFMD Annex IV reports to assist them monitor systemic risk (the “ESMA Opinion”).
See Funds-Axis Guide: AIFMD Annex IV ESMA opinion and Jurisdictional differences.
The requests for additional information cover the following areas:
Information on the number of transactions
Information on geographical focus based on the domicile of investments made
Information on short positions
Information on risk measures
Information on non-EEA master AIFs not marketed in the Union
In the UK, the requirements above on geographical focus, short positions and risk measures have been implemented at FUND 3.4.6A (1). Whilst the requirements are set out at FUND 3.4.6A (1), they are referred to as information in addition to that under FUND 3.4.2 which the AIFM needs to “regularly report”. In practice, these are reported as standard in the AIF report.
As regards the reporting of information on non-EEA master AIFs not marketed in the Union, this has been implemented in FUND 3.4.6A(2) for UK AIFMs and in FUND 10.5.11B G for non-EEA AIFMs.
See Funds-Axis Guide: ESMA Opinion – Master AIF Reporting.
24(3) REPORTING
Whilst the Article 24(1), (2) and (4) reporting is mandatory where applicable, Article 24(3) of the AIFMD Directive provides for additional reporting at the request of the National Competent Authority:
“3. The AIFM shall, on request, provide the following documents to the competent authorities of its home Member State:
(a) an annual report of each EU AIF managed by the AIFM and of each AIF marketed by it in the Union, for each financial year, in accordance with Article 22(1);
(b) for the end of each quarter a detailed list of all AIFs which the AIFM manages.”
In the UK, the 24(3)(b) requirements is included at FUND 3.4.4, where the information must be provided “at the request of the FCA.”
