By Ben Cook
For AIFs and AIFMs managed or marketed in the EEA
This update addresses the question of how Alternative Investment Fund Managers (AIFMs) authorised in the UK and non-EEA AIFMs marketing in the UK should report to the Financial Conduct Authority (FCA) and addresses some frequently asked questions about AIFMD reporting.
How do I submit the report?
Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) submit their reports to the FCA using forms AIF001 and AIF002 respectively.
All filings are through GABRIEL, the FCA’s online regulatory reporting system.
Access to GABRIEL and forms AIF001 and AIF002 can be found on the FCA website (see links in the Further Resources box below).
How do I produce the report?
The FCA outlines 3 options for reporting:
How do I access GABRIEL?
To access GABRIEL, you will need the following:
The FCA is rolling out PRN and FRN generation and access to GABRIEL following this order of priority:
Can I outsource reporting?
Yes, it is possible to outsource different elements of the reporting process. Some AIFMs may prefer to submit the report to regulators themselves, relying on a provider to collate and prepare the datA. Others prefer a full service solution where data is prepared, collated and submitted to the regulator following AIFM review.
Q. What is XML format?A. XML stands for Extensible Markup Language and is a markup language that defines a set of rules with which to annotate a document in order to distinguish the text from the markups. The result is a simple text format that is easily read by humans and computers.
Q. Which XML version do I report in?A. The FCA is accepting only v1.1 at the current time. Some EEA member states are accepting v1.2 files. The FCA intends to review the versions at a future date which is likely to be after the central regulator ESMA accepts XML files from national regulators.
Q. How do I report in XML format?A. It is possible to convert data into XML format from other programs, such as Excel, with the help of a developer. The production and submission processes are discussed in this document.
Q. If I am a small registered UK AIFM or a non-EU AIFM marketing in the UK, what do I use to file?A. Every AIFM will be allocated a Firm Reference Number (FRN), and file to the FCA using the same methodology as full scope UK AIFMs.
Q. Can I file if I do not have both an FRN and PRN(s)?A. No. Both FRN and PRN(s) are required before AIFMs can file their reports in GABRIEL.
Q. How do I file if cannot access GABRIEL?A. Until FRN and PRNs are issued in the coming weeks, firms may submit reports in either the XML v1.1 format or using the ESMA consolidated template by email to [email protected] After FRN and PRNs are issued, firms must report to the FCA via Gabriel using XML v1.1.
Q. To whom do I need to report?A. Authorised AIFMs must report to their host regulator. Registered AIFMs must also report to the regulator of each jurisdiction to which they are marketing. This will necessitate gaining credentials and accessing each of the relevant regulatory systems in order to submit the file. If you would like to discuss this in greater detail, please give me a call. I would be happy to talk further.
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