Appendix 5
Reporting Annex IV Transparency Information Under the Alternative Investment Fund Managers Directive
For full-scope UK AIFMs, small authorized UK AIFMs and small registered UK AIFMs
As a full-scope UK AIFM (Alternative Investment Fund Manager), small authorized UK AIFM or small registered UK AIFM, you are required under the Alternative Investment Fund Managers Directive (AIFMD) to report information (referred to as transparency information) to the FCA.
This transparency information is about yourself as the AIFM and the Alternative Investment Fund(s) (AIFs) that you are managing and where relevant, marketing.
The requirement for you to report transparency information has now begun: it began on the date when you were authorized or registered by the FCA.
It is important that you understand our requirements for the reporting of transparency information that apply to you.
You must comply with the FCA’s transparency reporting requirements.
Regulatory reporting is an integral part of the FCA’s supervision strategy and transparency information is one element of this. Receiving accurate information from firms on time enables us to focus its supervisory resources appropriately. This helps us to meet our operational objectives of protecting and enhancing the integrity of the UK financial system, including financial stability, and securing an appropriate degree of protection for consumers.
This communication provides you with a summary of the transparency reporting obligations applying to you as a full-scope UK AIFM, small authorized UK AIFM or small registered UK AIFM. It does not constitute FCA rules or guidance but provides important information about:
• The transparency reporting requirements of the FCA.
• Procedures for reporting transparency information to the FCA.
• The FCA’s approach for reporting transparency information for the quarterly reporting period ending Sep. 30, 2014.
• Where to go for more information on transparency reporting.
• The FCA’s approach to missed or late transparency reporting.
It is your responsibility to know:
• How the FCA’s transparency reporting requirements apply to you.
• What transparency information you have to report.
• When you have to report transparency information and the reporting deadlines.
• The procedures for reporting transparency information to the FCA.
Transparency reporting requirements
Reporting to the FCA
1. The requirement for all types of AIFMs to report transparency information to competent authorities is established by Articles 3 (Exemptions) and 24 (Transparency Requirements) of the AIFMD. These require AIFMs to report transparency information to competent authorities about the AIFM, as manager, and the AIFs they are managing and, where relevant, marketing.
2. The FCA has incorporated the AIFMD transparency reporting requirements which apply to all types of AIFMs into the FCA Handbook, the “Handbook,” which is available online at: http://fshandbook.info/FS/html/FCA.
3. The Handbook is divided into blocks and each block is subdivided into modules, which include Sourcebooks (containing regulatory obligations, which are binding on firms). Transparency reporting requirements are set out in the Supervision sourcebook (SUP) and Investment Funds sourcebook (FUND).
4. All authorized or registered AIFMs should refer to SUP and the transparency reporting requirements set out at SUP 16.18 (AIFMD reporting) which defines three authorized and registered AIFM types for the purposes of reporting:
a. A full-scope UK AIFM.
b. A small authorized UK AIFM.
c. A small registered UK AIFM.
5. If you are a full-scope UK AIFM, you should also refer to FUND and the reporting requirements set out at FUND 3.4 (Reporting obligations to the FCA).
6. You may also find it helpful to refer to Annex I of ESMA’s “Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD” which sets out “Reporting obligation diagrams” including a diagram for “Authorized AIFMs.” ESMA’s final version of guidelines was published on Aug. 8, 2014 and took effect from Oct. 8, 2014. The guidelines can be found at: http://www.esma.europa.eu/content/Guidelines-reporting-obligations-under-Articles-33d-and-241-2-and-4-AIFMD-0.
7. For more information about reporting, AIFMD transparency information you should refer to section “More Information on Transparency Reporting” at the end of this communication, which provides links to the AIFMD, AIFMD Level 2 Regulations, and ESMA guidelines on reporting.
Transparency Information to be Reported
8. SUP 16.18 and FUND 3.4 identifies the transparency information to be reported to the FCA as follows:
d. Full-scope UK AIFMs, small authorized UK AIFMs and small registered UK AIFMs must report the information required by the Reporting to competent authorities table set out at SUP 16.18.4EU paragraphs 1 and 2.
e. Full-scope UK AIFMs must also report the information required by FUND 3.4.2R, FUND 3.4.3R, FUND 3.4.5R and FUND 3.4.6AR (1).
f. Full-scope UK AIFMs must also, under FUND 3.4.6AR (2), report the information required by FUND 3.4.3R for each non-EEA AIF that it manages that is not marketed in the EEA, if that AIF is the master AIF of a feeder AIF that it also manages, and that feeder AIF is (a) an EEA AIF; or (b) a non-EEA AIF that is marketed in the EEA.
Form of Transparency Information Reports
9. You must provide the required transparency information in accordance with the proforma reporting templates set out in Annex IV of the AIFMD Level 2 Regulation. The FCA will use two reports to collect transparency information which must be used by all AIFMs:
a. AIF001—Manager Report: This is the report you must use to provide AIFM-specific information.
b. AIF002—Fund Transparency Report: This is the report you must use to provide AIF-specific information.
Identifying the AIFM and the AIFs
10. The AIF001 and AIF002 reports require you to identify the AIFM and AIF(s) and when doing so you must only use:
a. Your Firm Reference Number (FRN) issued by the FCA, which uniquely identifies you as the AIFM.
b. Your Product Reference Number(s) (PRN(s)) issued by the FCA, which uniquely identify the AIF(s) that you are managing and, where relevant, marketing.
11. We have not yet generated and issued:
a. FRNs to small registered UK AIFMs (who are not FSMA authorized firms).
b. PRNs to full-scope UK AIFMs, small authorized UK AIFMs or to small registered UK AIFMs (with the exception of AIFMs that manage QIS or NURS AIFs who will have already been issued PRNs for an Umbrella AIF (but not the sub-funds) and/or standalone AIFs).
12. We will generate and issue FRNs and PRNs in conjunction with providing access to transparency reporting in GABRIEL. More information about how and when we will issue these reference numbers provide access to GABRIEL transparency reporting and the actions you must take, is set out below.
13. However, the AIF001 and AIF002 reports also request that you provide alternative identification code(s) elsewhere in the reports. You are encouraged to obtain as many as possible and, in particular obtain, and provide a Legal Entity Identification code (LEI code—the identifier referred to in the Financial Stability Board’s recommendations on (A Global Legal Entity Identifier for Financial Markets). More information about LEI codes can be found on the website of the Legal Entity Identifier Regulatory Oversight Committee (ROC) at http://www.leiroc.org/. The issuance of LEI codes in line with the agreed principles for pre-Local Operating Unit solutions (LOUs) is currently underway. A list of globally endorsed pre-LOUs can be found on the ROC website and includes the London Stock Exchange under the sponsorship of the FCA.
Transparency Reporting in Relation to Different Fund Structures
14. If you are managing and, where relevant, marketing an AIF that is a fund-of-funds, feeder AIF and/or umbrella AIF, the information that you should report in respect of those AIFs has been addressed in guidance published by ESMA in “Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD.” ESMA’s final version of guidelines was published on Aug. 8, 2014 and took effect from 8 Oct. 8, 2014. The guidelines can be found at: http://www.esma.europa.eu/content/Guidelines-reporting-obligations-under-Articles-33d-and-241-2-and-4-AIFMD-0.
Feeder AIFs
15. AIFMs should treat feeder AIFs of the same master fund individually. They should not aggregate all the information on feeder AIFs of the same master(s) in a single report. AIFMs should not aggregate master-feeder structures in a single report (ie, one report gathering all the information on feeder AIFs and their master AIFs).
16. When reporting information on feeder AIFs, AIFMs should identify the master AIF in which each feeder invests but should not look through to the holdings of the master AIFs. If applicable, AIFMs should also report detailed information on investments that are made at feeder AIF level, such as investments in financial derivative instruments.
17. In addition to reporting on feeder AIFs, full-scope UK AIFMs must also, under FUND 3.4.6AR (2), report the information required by FUND 3.4.3R for each non-EEA AIF that it manages that is not marketed in the EEA, if that AIF is the master AIF of a feeder AIF that it also manages, and that feeder AIF is (a) an EEA AIF; or (b) a non-EEA AIF that is marketed in the EEA.
Funds of Funds
18. When reporting information on an AIF that is a fund of funds, AIFMs should not look through to the holdings of the underlying funds in which the AIF invests.
Umbrella and Subfund Structures
19. When reporting information on an AIF that takes the form of an umbrella AIF with several compartments or subfunds, AIF-specific information should be reported at the level of the compartments or subfunds.
20. In considering how to report in respect of umbrella and subfund structures you should have regard to The Perimeter Guidance Manual (PERG) Chapter 16 (Scope of the Alternative Investment Fund Managers Directive) and PERG 16.2G (What types of funds and businesses are caught?). Questions 2.61 to 2.65 are concerned with investment compartments and provide guidance on the identification and treatment of investment compartments.
Frequency of Transparency Reporting
21. SUP 16.18 sets out reporting frequencies and reporting periods for full-scope UK AIFMs, small authorized UK AIFMs and small registered UK AIFMs as set out below.
Small Authorized UK AIFM
22. Under SUP 16.18.6R a small authorized UK AIFM must report annually and its reporting period must end on 31 Dec. in each calendar year.
Small Registered UK AIFM
23. Under SUP 16.18.7D a small registered UK AIFM must report annually and its reporting period must end on 31 Dec. in each calendar year.
Full-Scope UK AIFM
24. Under SUP 16.18.4EU paragraph 3 a full-scope UK AIFM can be required to report on quarterly, half-yearly or annual basis. A full-scope UK AIFM determines its reporting frequency with reference to the AUM thresholds and other criteria set out in SUP 16.18.4EU paragraph 3 (a) to (d) inclusive.
25. Under SUP 16.18.5R the reporting periods of a full-scope UK AIFM must end on the following dates:
a. AIFMs that are required to report annually, on 31 Dec. each calendar year.
b. AIFMs that are required to report half-yearly, on 30 Jun. and 31 Dec. in each calendar year.
c. AIFMs that are required to report quarterly, on 31 March, 30 June, 30 Sep. and 31 Dec. in each calendar year.
Transparency Reporting Submission Dates
26. Under SUP 16.18.4EU paragraph 1 you must provide your completed AIF001 and AIF002 reports to the FCA as soon as possible but not later than one month after the end of the annual (31 Dec.), half yearly (30 Jun. and 31 Dec.) and quarterly (31 Mar., 30 Jun., 30 Sep., and 31 Dec.) reporting periods.
27. If you are reporting in respect of an AIF that is a fund-of-funds you may extend the period available for reporting of the AIF001 and AIF002 reports by 15 days. This extended submission date applies only to AIFs that are fund-of-funds.
28. If you manage both (1) AIFs that are not fund-of-funds and also (2) AIFs that are fund-of-funds (for which you have extended the reporting date), you must submit reports to the FCA as follows:
a. As soon as possible but not later than one month after the end of a reporting period—you must submit AIF001 and AIF002 reports in respect of all AIFs that are not fund-of-funds.
b. Before the end of an extended 15 day reporting date—you must submit an AIF002 report in respect of all AIFs that are fund-of-funds and you must also submit an amended AIF001 report updated to accurately take account of the fund-of-funds transparency information being reported on the fund-of-funds AIF002 report.
First Transparency Reports
29. You are subject to the FCA transparency reporting requirements from the date of your authorization or registration.
30. In determining when you should begin reporting you should follow guidance issued by ESMA set out in Section VII (Procedure for first reporting) of “Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD,” ESMA/2014/869EN. ESMA’s final version of guidelines were published on Aug. 8, 2014 and took effect from Oct. 8, 2014, they can be found at: http://www.esma.europa.eu/content/Guidelines-reporting-obligations-under-Articles-33d-and-241-2-and-4-AIFMD-0.
31. Your obligation to begin reporting starts from the first day of the following quarter after you have information to report until the end of the first reporting period. Your first report will due after the end of your first reporting period as determined in accordance with your reporting frequency.
32. Following authorization or registration there may be cases in which you do not have any information to report on AIFs, such as where there is a delay between the authorization or registration being granted and the actual start of activity or between the creation of an AIF and the first investments. In such a scenario, we expect to receive from you AIF001 and AIF002 reports for the (earlier) reporting periods for which you have no information to report (which starts from the first day of the following quarter after authorization or registration) indicating that you have no information to report by using the specific field to indicate a Nil return.
Example
33. An AIFM is authorized on 31 Jan. and has information to report as from 24 Apr. The AIFM determines that it is required to report on a quarterly basis with reporting period end dates 31 Mar., 30 Jun., 30 Sep. and 31 Dec. In this case the AIFM must:
a. Submit a Nil return for its AIF001 and AIF002 reports for the quarterly reporting period ending 30 June. The report will cover the quarterly period from 1 Apr. to 30 Jun. (the quarter following the date of authorization). The report must be received by the FCA as soon as possible but not later than one month after the end of the reporting period which may be extended by 15 days for an AIF that is a fund-of-funds.
b. Submit full report information in AIF001 and AIF002 reports for the quarterly reporting period ending 30 Sep. The report will cover the period from 1 Jul. to 30 Sep. (the first quarter following the first point from which information to report arose). The first AIF001 and AIF002 reports must be submitted to the FCA as soon as possible and not later than one month after the end of the 30 Sep. reporting period end date, which may be extended by 15 days for an AIF that is a fund of funds.
Reporting transparency information to the FCA
GABRIEL reporting
Access to GABRIEL
34. GABRIEL is the FCA’s online regulatory reporting system for the collection, validation, and storage of regulatory data. We will use GABRIEL for the purposes of transparency reporting.
35. GABRIEL and supporting systems have been developed to enable submission and reporting of AIF001 and AIF002 reports by all AIFMs.
36. Transparency reporting in GABRIEL is live and we provided access to the reporting functions in phases in conjunction with the generation and issuance of PRNs and FRNs as required.
37. Once you have been given access to GABRIEL transparency reporting, as set out below, we will only accept AIF001 and AIF002 reports submitted via GABRIEL.
Full-Scope UK AIFMs with Quarterly Sep. 30, 2014 Reporting Obligations
38. We are prioritizing access to GABRIEL transparency reporting for full-scope UK AIFMs with quarterly transparency reporting obligations that are required to report to the FCA for the quarterly period ending Sep. 30, 2014. We have provided more information about prioritized access in the section titled “Transparency Reporting Requirement—Quarterly Reporting Period Ending Sep. 30, 2014” below.
Full-Scope UK AIFMs and Small Authorized UK AIFMs
39. Once we have completed the prioritized access we will begin the roll out of GABRIEL transparency reporting for the remainder of full-scope UK AIFMs and small authorized UK AIFMs, when we will also generate and issue PRNs. To determine when you have access to GABRIEL transparency reporting and to obtain details of your PRNs you must continue to access and check your GABRIEL user account after Oct. 20, 2014. We do not intend to communicate directly with individual full-scope UK AIFMs or small authorized UK AIFMs to provide notification of GABRIEL access or details of PRNs.
Small Registered UK AIFMs
40. Small registered UK AIFMs will be will be given access to GABRIEL transparency reporting during Nov. 2014.
a. To register, access, and use GABRIEL you will need to have received certain information from the FCA. We intend to send this information to you by email to the address of the contact person identified during the FCA’s registration procedure.
b. The FCA email (the notification email) will contain all of the information you will need to register in GABRIEL as follows:
- Your FRN that identifies you as the AIFM.
- The PRN(s) of your AIF(s).
- A unique GABRIEL registration key—a unique access code that you must use when registering with GABRIEL and activating your user account which we will have established for you.
All AIFM Types—Initial Action Required in GABRIEL
41. You are responsible for verifying that AIF001 and AIF002 transparency reporting functionality has been correctly established in your GABRIEL user account which will include completing the following actions as applicable:
a. Register with GABRIEL—you must first register with GABRIEL (this step will not apply to existing users of GABRIEL). Information about registering to use GABRIEL and submitting reports to the FCA is available on the FCA website at the following address: http://www.fca.org.uk/firms/systems-reporting/gabriel/firm-registration.
b. Access your GABRIEL user account.
c. Review your schedule of regulatory reporting shown on the “Firm Schedule—Reporting Period” page (the reporting schedule) that will be displayed when accessing your GABRIEL account. The reporting schedule displays the returns you are required to submit on a rolling 12 months basis, which you should ensure includes AIF001 and AIF002 reporting obligations.
d. Verify that the AIF001 and AIF002 reports in your reporting schedule are correctly identified with your unique FRN and PRN(s) that identify you as the AIFM and your AIF(s).
e. Verify that your reporting schedule accurately records your actual reporting obligation for AIF001 and AIF002 reports.
- The initial schedule of reporting obligations that will be displayed in GABRIEL will be established by the FCA based on your authorization and registration status and without reference to information that will be contained in up-to-date AIF001 and AIF002 reports.
- The obligations that will be initially established will be: half-yearly reporting for full-scope UK AIFMs and annual reporting for small authorized UK AIFMs and small registered UK AIFMs.
- This is an initial scheduling only and it should NOT be relied upon as being correct. You are responsible for assessing your own reporting obligations and determining the date by which your first AIF001 and AIF002 reports must be received by the FCA, and the subsequent frequency of reporting, so that you submit these reports within the required timeframe.
- It is your responsibility to ensure that the reporting obligation displayed in your reporting schedule is correct. If the reporting frequency is incorrect you must submit AIF001 reports and AIF002 in which you have recorded the actual reporting obligation using the appropriate change in reporting frequency codes to communicate a change in frequency. These reports would be submitted at your next scheduled reporting period or the next reporting period, which you have determined to be your actual reporting period.
Example—If the frequency is too low
• In this case your GABRIEL reporting schedule displays half-yearly reporting when you determine it should be quarterly. Regardless of the reporting obligation displayed on your reporting schedule, you would submit AIF001 and AIF002 reports for the next quarterly reporting period once the relevant period end date has passed and within the reporting deadline. You would complete both reports using the appropriate change in frequency code to communicate the future change in reporting frequency to quarterly reporting. The code provided in the reports will be used by GABRIEL to reschedule and display your transparency-reporting obligation according the submitted frequency code (in this example quarterly reporting).
Example - If the frequency is too high
• In this case GABRIEL reporting schedule displays half-yearly reporting when you determine it should be annual. Regardless of the reporting obligation displayed on your reporting schedule, you would submit AIF001 and AIF002 reports for the next half-yearly reporting period once the relevant period end date has passed and within the reporting deadline. You would complete both reports using the appropriate change in frequency code to communicate the future change in reporting frequency to annual reporting. The code provided in the reports will be used by GABRIEL to reschedule and display your transparency-reporting obligation according the submitted frequency code (in this example annual reporting).
- Frequency and content change code information is set out in the Data Reference Guides for the AIF001 and AIF002 reports which are published on the FCA website at: http://www.fca.org.uk/firms/systems-reporting/gabriel/system-information/data-reference-guides/aifmd.
- If you have any other difficulties with the set-up of transparency reporting please contact our Customer Contact Centre at the telephone number and/or email address set out in the section titled “GABRIEL support” below.
Ongoing Responsibility
42. Reporting transparency information according to your actual reporting obligation and maintaining the accuracy of your reporting schedule in GABRIEL is an ongoing responsibility. You must use the change in reporting frequency and change in reporting content codes to indicate a future change in your reporting obligations. As set out in the section above ‘All AIFM types—Initial action required in GABRIEL’, regardless of the reporting obligation displayed in your reporting schedule, you can submit AIF001 and AIF002 reports to remain in compliance with your assessment of actual reporting obligations and to indicate changes in your reporting obligations. We will continue to monitor compliance with transparency reporting requirements including the submission of AIF001 and AIF002 reports within timescales as scheduled in GABRIEL and also whether AIFMs, regardless of the GABRIEL reporting schedule, are reporting according to the actual reporting requirement.
Submitting Transparency Reports Using GABRIEL
43. GABRIEL provides the following methods for you to load AIF001 and AIF002 reports for submission to the FCA (the loading and submitting of data are two independent actions found in different parts of the GABRIEL system). You are able to select the most suitable method to your business for loading data from the following methods:
a. Online Forms (manually keying data into GABRIEL forms).
b. File upload via webpage (manually controlled, XML only).
c. Direct communication (system-to-system data service for XML).
44. You must use only v1.1 of the ESMA reporting documents when reporting to the FCA. We recognize that this approach differs from the ESMA guidance regarding completion of v1.2 and may also differ from the requirement of other competent authorities. We have provided technical information regarding the use of v1.1 in our Questions and Answers published on the “Reporting” page in the AIFMD section of the FCA website—the link can be found in the section titled “More Information on Transparency Reporting” set out below.
45. GABRIEL provides functionality that will allow you to: load and/or enter information during multiple system sessions, report multiple AIFs on a single AIF002 report, and to make amendments to information during and after formal submission.
46. Importantly, when you are required to submit AIF001 and AIF002 reports for a particular reporting period you must, in all cases, after the end date of the quarterly, half-yearly or annual reporting period, and before the end of the period in which your transparency reporting must be submitted, complete the following actions:
a. For the AIFM and each AIF (for which there is a reporting obligation), enter and/or load the required AIF001 report and AIF002 reports into GABRIEL with all required and relevant data fields completed (reports are loaded via the “AIFMD section” of GABRIEL)—GABRIEL monitors reporting compliance at an AIF level.
b. After AIF001 and AIF002 reports have been entered and/or loaded they must be submitted which is a separate action and takes place in a different part of GABRIEL. To complete the reporting process you must use the “Firm Schedule—Reporting Period” page to select a “Return Due Date” item which leads to the “Data Items in Reporting Period” page. This page displays the “completion status” of data items due on the reporting date. To submit a report you must click the “submit” button for each required AIF001 and AIF002 report which changes the GABRIEL status of the report to “submitted.” Only when the GABRIEL status of the report changes to submitted will you have satisfied the reporting obligation for that particular report.
47. Although GABRIEL permits the amendment of AIF001 and AIF002 submitted reports, we expect this function to be used sparingly in exceptional circumstances only. At the expiry of the relevant reporting deadline, we expect AIFMs to have submitted all applicable AIF001 and AIF002 reports that have been completed using the most accurate data and up-to-date information available to the AIFM at that point in time. In any event, the FCA must receive amended data by resubmission, which is complete, accurate and final no later than one month after the reporting deadline (ie, no later than two months after the end of the relevant reporting period). Although amendment of data may be necessary, for example to add important precision, we do not expect that AIFMs will need to use this function to make wholesale or fundamental changes to data already submitted.
48. An overview of the available submission methods is provided on the FCA website at the following address: http://www.fca.org.uk/firms/systems-reporting/gabriel/system-information/overview-of-submission-methods.
49. AIFMs should also refer to the GABRIEL Data Reference Guides (DRGs) which sets out the specifications for GABRIEL data items and other related material to help firms submit data using system-to-system (direct communication) and XML upload submission methods.
a. GABRIEL DRGs can be found on the FCA website at the following address: http://www.fca.org.uk/firms/systems-reporting/gabriel/system-information/data-reference-guides.
b. Specific GABRIEL DRGs for transparency reporting using the AIF001 and AIF002 reports can be found on the FCA website at the following address: http://www.fca.org.uk/firms/systems-reporting/gabriel/system-information/data-reference-guides/aifmd.
Missed or late transparency reporting
50. FCA will use GABRIEL and supporting systems to monitor the compliance of all AIFMs with our transparency reporting requirements.
51. If you fail to submit an AIF001 and/or AIF002 report(s) by the due date following the end of an annual, half-yearly or quarterly reporting period as scheduled, FCA may require you to pay an administrative fee of £250.
52. FCA may, from time to time, send reminders when AIF001 and/or AIF002 reports are overdue. You should not, however, assume that the FCA have received a report merely because you have not received a reminder.
53. If an AIFM still does not complete and submit its AIF001 and/or AIF002 reports after receiving a reminder of non-compliance, the FCA are able to take enforcement action. Ultimately, this could result in a full-scope UK AIFM or a small authorized UK AIFM having its authorization cancelled or a small registered UK AIFM having its registration revoked including, where applicable, its registration as a EuSEF manager or EuVECA manager.
54. You are permitted to delegate the function of transparency reporting to an external vendor. At all times, however, you will be responsible for ensuring that reports are submitted in full compliance with the transparency requirements set out in the FCA’s rules.
Transparency reporting requirement—quarterly reporting period ending Sep. 30, 2014
55. Certain full-scope UK AIFMs with quarterly reporting obligations will be required to complete and submit the required AIF001 and AIF002 reports to the FCA for the quarterly reporting period ending Sep. 30, 2014.
56. To ensure that the FCA can prioritize the establishment of GABRIEL transparency reporting for the whole population of full-scope UK AIFMs with a Sep. 30, 2014 reporting obligation the FCA request that AIFMs in this category contact the FCA using the following email address: [email protected]. AIFMs should include in the subject line “Quarterly Reporting Sep. 30, 2014.” This will complement the actions we are also taking to identify this population of full-scope UK AIFMs.
57. The FCA will prioritize access to GABRIEL transparency reporting for full-scope UK AIFMs that are required to submit AIF001 and AIF002 for the quarterly reporting period ending Sep. 30, 2014 starting from 8:00 am Monday Oct.20, 2014 when GABRIEL first becomes available. GABRIEL can then be used by these AIFMs to meet their Sep. 30, 2014 quarterly reporting obligation.
More information on transparency reporting
58. More information about transparency reporting requirements can be found in the publications set out below with links. All documents should be considered in the context of ESMA’s IT technical guidance regarding the use of XML v1.2 and the FCA’s current position that it will only accept reports submitted using XML v1.1.
a. Article 3 (Exemptions) and 24 (Reporting obligations to competent authorities) of the AIFMD - Directive 2011/61/EU of The European Parliament and of The Council of Jun. 8, 2011. The Directive can be found at: http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32011L0061&from=EN.
b. Article 110 (Reporting to competent authorities) and Annex IV Reporting Templates - Commission Delegated Regulation (EU) No 231/2013 of Dec. 19, 2012. The Regulation can be found at: http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32013R0231&from=EN.
c. Final report, Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD, dated Nov. 15, 2013, ESMA/2013/1339. The guidelines can be found at: http://www.esma.europa.eu/content/Guidelines-reporting-obligations-under-Articles-33d-and-241-2-and-4-AIFMD-revised.
d. Questions and Answers, Application of the AIFMD, dated Jul. 21, 2014, ESMA/2014/868. The questions and answers can be found at: http://www.esma.europa.eu/content/Update-Questions-and-Answers-QA-application-AIFMD.
e. ESMA’s final version of its guidelines, Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD, ESMA/2014/869EN, referred to in the above document (c), were published on Aug. 8, 2014 and will take effect from Oct. 8, 2014. The guidelines can be found at: http://www.esma.europa.eu/content/Guidelines-reporting-obligations-under-Articles-33d-and-241-2-and-4-AIFMD-0.
59. The FCA have also published a set of Questions and Answers on transparency reporting (Reporting Transparency Information to the FCA) our website at the address below which are relevant to all types of AIFM: http://www.fca.org.uk/firms/markets/international-markets/aifmd/reporting.
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