Tue, 22/07/2014 - 15:48
Andrew Shrimpton (pictured), global head of regulatory compliance at Kinetic Partners, on what the next focus for UK AIFMs should be following the end of the AIFMD transitional period…
With today marking the end of the AIFMD transitional period, firms have been busy ensuring that they have their depositary agreements and risk management in place. Now, a key focus for UK AIFMs should be the reporting which they must adhere to, this includes:
• Annex IV Report: UK AIFMs must report to the FCA on each AIF they manage/market in the EEA. The first report will be due for the first full quarter following authorisation.
• Annual AIF Report: UK AIFMs must provide an annual audited report for the FCA and investors for each AIF they manage or market in the EEA, within six months of the end of their financial year.
• Disclosure to Investors: For each AIF managed or marketed in the EEA, the AIFM will need to make regular (at least annual) disclosures to investors.
• EMIR Reporting: Once authorised as an AIFM, a firm that trades OTC and/or exchange-traded derivatives will become subject to EMIR reporting requirements and should have appropriate arrangements in place in order to make necessary reports.
A second area of focus for UK AIFMs who manage and market EEA AIFs, is to work out which countries they want to market to. Regulators in a number of countries will charge fees for passporting into their country and as such firms should only apply for the countries in which they definitely intend to market. For UK AIFMs managing and marketing non-EEA AIFs, they will have to submit an Article 36 notification to the FCA and each country will have an equivalent application process that should be completed ahead of marketing in that country.
There is clearly a lot to be done. What is imperative to understand however, is that UK firms that are not authorised by the FCA as Full Scope AIFMs, or that do not have the required EEA (Article 36) registrations, cannot actively market to EEA investors apart from UK investors subsequent to today (22 July).
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