Summary
FUND 3.4 of the FCA Handbook sets out the reporting obligations of UK AIFMs to the FCA in relation to the AIFs they manage or market in the UK. It describes which AIFMs are in scope, the nature and content of the information to be reported, and additional requirements where AIFs employ leverage on a substantial basis. Core sections include:
Application
explains which full-scope UK AIFMs and AIFs are subject to the reporting obligations in FUND 3.4, including UK AIFs and certain non-UK AIFs marketed in the UK.
Reporting obligations
describes the core duty on an AIFM to report regularly to the FCA on each AIF it manages, including information on trading instruments, principal markets and key exposures.
Content of reporting information
outlines the categories of data that must be supplied in those reports, such as risk profile, investment concentration, use of short positions and other metrics that allow the FCA to monitor systemic risk.
AIFs that employ leverage on a substantial basis
sets out the additional information that must be reported where an AIF employs leverage on a substantial basis, including details of overall leverage levels, sources of borrowing and reuse of assets.
Meaning of employing leverage on a substantial basis
defines when leverage is treated as being used on a “substantial basis” for FUND 3.4 purposes, by reference to the AIF’s exposure calculated under the commitment method.
Additional information
describes further reporting items required in specific cases, such as for non-EEA AIFs that are not marketed in the UK or EEA but are subject to quarterly reporting, and for master–feeder structures.
Subordinate measures
signposts the AIFMD Level 2 Regulation provisions that supplement FUND 3.4 with detailed technical rules on the content and format of AIFMD reporting.
Guidelines
refers to ESMA’s guidelines on AIFMD reporting, which provide interpretative detail and practical expectations on how AIFMs should comply with these obligations.
Further information
directs firms to SUP 16.18 (AIFMD reporting) for additional FCA guidance on reporting processes, including the frequency and method of submissions.
