The Alternative Investment Fund Managers Directive and its implementing measures ("AIFMD") introduced new reporting requirements for:
"EEA-AIFM", managers established in the European Economic Area ("EEA"); and "non-EEA AIFM", managers not established in the EEA who market an alternative investment fund (or "AIF") into the EEA AIFM that are authorised by the UK Financial Conduct Authority (or "FCA") are already subject to compulsory reporting, while non-EEA AIFM become subject to FCA reporting when they register with the FCA under the UK national private placement regime (the "UK NPPR").
Non-EU AIFS - Calculating AUM
Small non-EEA AIFM under the UK NPPR report annually while above-threshold non-EEA AIFM determine their reporting frequency (the most regular being quarterly) by reference to their AUM calculated in accordance with the criteria set out at Chapter 16.18.4 of the FCA Supervision Manual.
For a non-EU AIFM managing non-EU AIFs, the AUM is the sum of the AUMs of all non-EU AIFs that the non-EEA AIFM is marketing in the EEA, as opposed to all of the non-EU AIFs managed by it.
In October, ESMA Guidance clarified that a non-EEA AIFM marketing a non-EEA feeder fund is required to report in respect of that feeder fund only where the non-EEA...