Summary
FUND 3.8 of the FCA Handbook describes how this section addresses the use of prime brokerage firms in the context of AIFs managed by certain AIFMs. It indicates which AIFMs and AIFs are in scope, outlines how the selection and appointment of prime brokerage firms are framed, and highlights the way contractual arrangements with such firms are treated, including references to AIFMD provisions. Core sections include:
Application
indicates which full-scope UK AIFMs and AIFs fall within the scope of the prime brokerage firms provisions in FUND 3.8.
Selection of a prime brokerage firm
outlines, at a high level, how this section frames the expectations around the selection and appointment of prime brokerage firms, including signposts to relevant underlying requirements.
Prime brokerage firm contract:
summarises how the section highlights key themes for contractual arrangements with prime brokerage firms, such as provisions on the treatment of AIF assets and the involvement of the depositary, with cross-references to AIFMD.
