In its Handbook Notice 40, published on 25 January 2017, the FCA confirmed that it will go ahead with the proposals to extend master fund level reporting requirements under the Alternative Investment Fund Managers Directive (AIFMD)

The FCA has decided to align the requirements for UK and non-UK managers by reducing the current reporting requirements for some UK-domiciled managers. This will also reduce the overall number of affected firms. At present, the FCA rules require all UK-domiciled managers, regardless of size, to report in full on their master funds. In future, the FCA will require only those above-threshold UK-domiciled managers that report quarterly to include information on their non-EEA master funds. This means dis-applying the existing rule requiring reporting from UK domiciled managers that report at a half-yearly or annual frequency. Making this change will reduce the overall impact on firms and limit the additional reporting requirement to only those funds that we believe can potentially contribute to the build-up of systemic risk. The FCA considers that any further reductions in reporting requirements would hinder its objective of identifying build-up of systemic risks. The revised requirements will be effective as of 29 June 2017, requiring firms to report under them by 15 August 2017 for a fund of funds and 31 July 2017 for all other fund types.

View FCA Handbook No. 40, 25 January 2017