As January closed some AIFMs had not yet received the information they need to be able to submit transparency reports using GABRIEL. The FCA confirmed on the 30th January that where an AIFM did not receive a Product Reference Number (PRN) for the AIF it manages before 1 January 2015 they would not take any enforcement action for a failure to report for that AIF within the month. This is subject to the proviso that the AIFM submits its report as soon as possible after receiving its PRN, and in any event within a month of that date (plus an additional 15 days for an AIF that is a fund of funds).
The FCA as well as Complyport clients are experiencing ongoing systems issues with GABRIEL. The FCA is aware that firms may not be able to access GABRIEL, or to complete their sessions once within the system. Again, they do not intend to take enforcement action against those affected. The proviso here is that the AIFM submits its reports as soon as possible after the issues with the system have been resolved.
