FCA has made changes to the Handbook with the following instruments:

  • the Listing Rules (Alternative Investment Fund Managers Directive) (AIFMD) Instrument 2013: These changes to the Listing Rules took effect on 1 August and clarify the existing approach, for premium closed-end investment companies, in the light of AIFMD;
  • the Collective Investment Schemes Sourcebook (Amendment No 8) Instrument 2013: These changes took effect from 26 July and amend the Senior Management Arrangements Systems and Controls Sourcebook and the Collective Investment Schemes Source to clarify and improve the rules on disclosure for property authorised investment funds (PAIFs) and funds using certain descriptions in their names or objectives;
  • the Alternative Investment Fund Managers Regulations (Enforcement Guidance) Instrument 2013: These change the Glossary, Enforcement Guide and Decision Procedure and Penalties Manual (DEPP) from 26 July in respect of FCA's duty under the AIFMD to issue a number of statutory notices in various circumstances and provide relevant guidance.;
  • the AIFMD (Private Placement and Registration Fees and Miscellaneous Directions) Instrument 2013: This instrument took effect from 26 July and amends the Fees and Supervision Manuals and the FUND Sourcebook in respect of primarily regulatory fees for certain entities which will fall within FCA's regulatory remit for the first time (registered alternative investment fund managers (AIFMs)) and AIFMs marketing alternative investment funds (AIFs) in the UK under national private placement. It also includes directions for AIFMs relating to reporting, marketing applications and notifications and;
  • the AIFMD (No 2) Instrument 2013: FCA decided it needed to follow Treasury in implementing rules to cater for the AIFMD third country passporting rights, even though these will not take effect until 2015. FCA explains it did not have time to consult on these rules, as it had to follow Treasury Regulations, which were themselves published just before the AIFMD implementation date. FCA has inserted the new rules as chapter 12 of its new FUND sourcebook, to take effect from a date to be specified by the Commission under AIFMD; and
  • Training and Competence Sourcebook (TC) (Qualifications Amendments No 9) Instrument 2013: This updates the list of qualifications in TC.


(Source: Handbook Notice No. 4)