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ARTICLE · 18 JULY 2016

FCA Proposals To Extend Reporting Requirements For Non-EU AIFMS

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The FCA recently released its quarterly consultation Paper (No. 13) which is published to consult on amendments the FCA Handbook.

European UnionFinance and Banking
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The FCA recently released its quarterly consultation Paper (No. 13) which is published to consult on amendments the FCA Handbook. One of the proposed changes relates to the transparency reporting requirements for alternative investment fund managers ("AIFs"), which it states is to reduce information gaps and allow effective monitoring of an AIF's risk-taking activities. These changes will be relevant to above threshold non-EU fund managers, who market funds in the UK.

Currently, above threshold non-EEA alternative investment fund managers ("AIFMs") complete the Article 24 reports for their feeder-AIFs only. Under the FCA's proposal, they would be required to submit transparency returns for their respective master-AIFs as well. The FCA's proposals gold plate ESMA's opinion1 by further extending the requirement to include where the master-feeder or AIF are managed by a group AIF.

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