FCA expands scope of AIFMD filing to include non-EEA AIFMs
Financial Conduct Authority in the UK (FCA) has amended Annex IV reporting rules under the Alternative Investment Fund Managers Directive (AIFMD). This amendment impacts the Alternative Investment Fund Managers (AIFMs) in non-European Economic Area (EEA) marketing its funds in the United Kingdom as per the National Private Placement Regime (NPPR). This will come into force from 29th Jun 2017.
Currently, if the feeder AIF of non-EEA AIFM is marketed in the UK, then the corresponding master AIF is not required to submit Annex IV report. In order to make it in line with ESMA’s opinion, UK FCA has amended its rules with effect from 29th Jun 2017 stating that if a feeder AIF of a non-EEA AIFM is marketed in the UK, then the corresponding master AIF will be required to submit Annex IV report though the master AIF is not marketed in the UK.
However, the above amendment applies to only non-EEA AIFMs with a quarterly reporting obligation and does not apply to AIFMs with half-yearly and annual reporting obligations.
Further, an AIFM in the UK subject to quarterly reporting has to submit Annex IV report for each non-EEA AIF provided it satisfies following conditions:
- Non-EEA AIF is a master AIF of a feeder AIF which the AIFM also manages.
- Corresponding feeder AIF is an EEA AIF or non-EEA AIF marketed in EEA.