New FCA Guidance means that the FCA Transparency reporting obligations began on 1 October 2014 for all AIFMs that operated under the transitional provisions. Such firms should report transparency information for the period ending 31 December 2014.
The transitional provisions allowed existing AIFMs to continue to operate prior to receiving FCA authorisation as an AIFM, provided they had applied for authorisation by 22 July 2014. The transitional period ceased on 22 July 2014.
Complyport issued an Alert on 1 October 2014 concerning reporting under the AIFMD, based on FCA Guidance dated 29 September 2014. The FCA subsequently issued guidance Questions and Answers (Q&As) on such reporting. These Q&As were updated on 28 November 2014. This included a new guidance question at Q38, that advises that firms operating under the transitional provisions have been subject to the FCA’s transparency reporting since 22 July 2014. (The transitional period having ceased on 22 July 2014.) The first Transparency report will therefore be due at 31 December 2014.
The FCA Guidance of 29 September 2014 otherwise remains unchanged. Section 29 of the Guidance (page 8) suggests that an AIFM’s reporting requirements commences from the date of its authorisation (or registration if applicable), providing it was not operating under the transitional provisions up to 22 July 2014. However Q38 of the updated Q&As advises that firms operating under the transitional provisions have been subject to the FCA’s transparency reporting since 22 July 2014. This means that the reporting obligation of all such AIFMs began on 1 October 2014.
To reiterate, all AIFMs that have been operating under the transitional provisions should report transparency information for the period ending 31 December 2014.
