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For UK Fund Managers – How to Be Prepared for FCA Changes to AIF Reporting?

Following the UK’s withdrawal from the EU, the Financial Conduct Authority (FCA) has announced changes to AIF reporting (AIF001 and AIF002 reports), effective from the end of June 2022. The amendment has replaced previous references to “EU” or the “EEA” with “the UK” and references to “ESMA” with “the FCA.” These FCA changes to AIF reporting are the first major schema update since 2014.

What are the Changes to AIF Reporting?

FCA has created a new version 2 for the AIF001 and AIF002 reports. When you select AIF001 or AIF002 under the ‘Prepare Report’ option on RegData (filing platform for AIFMD reporting), you must select the version you want to report the data against. Version 1 is for reporting periods ending on or before 31 March 2022, and version 2 is for reporting periods after 31 March 2022. The changes in version 2 include:-

AIF001

Fields removed:-

  • 2A – Is this in the EEA?
  • 8A – Old home member state
  • 9A – Old national regulator’s code
  • 32-36B – EU bonds with 0-1 year term to maturity and EU bonds with 1+ year maturity
  • 37A – ESMA item number
  • 37B – Description of assumption

Fields added:-

  • 32-36B – UK bonds with 0-1 year term to maturity and UK bonds with 1+ year maturity
  • 38A – FCA field reference (replaced 37A)
  • 38B – Assumption details (replaced 37B)

AIF002

Fields removed:-

  • 4A – Is this the EEA?
  • 12A – European central bank code
  • 13A – Old home member state
  • 14A – Old national regulator’s code
  • 42-46C – EU bonds with 0-1 year term to maturity and EU bonds with 1+ year maturity
  • 49A – Europe (EEA) – % of aggregated asset value
  • 49B – Europe (EEA) – % of NAV
  • 50A – Europe (other than EEA) – % of aggregated asset value
  • 50B – Europe (other than EEA) – % of NAV
  • 55-64C – EU bonds with 0-1 year term to maturity and EU bonds with 1+ year maturity
  • 88A – EU bonds with 0-1 year term to maturity – long value
  • 88B – EU bonds with 0-1 year term to maturity – short value
  • 89A – EU bonds with 1+ year maturity – long value
  • 89B – EU bonds with 1+ year maturity – short value
  • 154A – EU member state bonds – market value
  • 155A – Non-EU member state bonds – market value
  • 248A – ESMA item number
  • 248B – Description of assumption

Fields added:-

  • 42-46C – UK bonds with 0-1 year term to maturity and UK bonds with 1+ year maturity
  • 55-64C – UK bonds with 0-1 year term to maturity and UK bonds with 1+ year maturity
  • 250A – UK – % of aggregated asset value
  • 250B – UK – % of NAV
  • 251A – Europe (other than the UK) – % of aggregated asset value
  • 251B – Europe (other than the UK) – % of NAV
  • 252A – UK bonds with 0-1 year term to maturity – long value
  • 252B – UK bonds with 0-1 year term to maturity – short value
  • 253A – UK bonds with 1+ year maturity – long value
  • 253B – UK bonds with 1+ year maturity – short value
  • 254A – UK bonds – market value
  • 255A – Non-UK bonds – market value
  • 256A – FCA Field Reference (replaced 248A)
  • 256B – Assumption Details (replaced 248B)

How to Be Prepared for these FCA Changes?

Companies that use the services of an ESEF vendor to file their reports must check with them to ensure they are ready for the FCA changes to AIF reporting. If not, you may want to start looking for alternatives. Enter DataTracks…

The DataTracks platform is built to adopt all regulatory changes as and when they come. With 17+ years of experience in ensuring regulatory compliance, the experts at the company will help you smoothly transition to this new regulatory landscape of AIF reporting. Get in touch with a DataTracks expert at +31202253702 or email @ enquiry@datatracks.eu to know more about the FCA changes.

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