On 10 May 2019, the FSMA published Communication 2019_09 and a checklist for alternative investment fund managers (AIFMs) and undertakings for collective investment in transferable securities (UCITS) management companies. This checklist sets forth the information and the documents that need to be included in the application file for authorization as an AIFM or as a management company of UCITS.
Information to provide
The checklist is in the form of a table that specifies, category by category, what information and documents need to be submitted to the FSMA, including:
- the description of management functions and investment services that will be carried out;
- information on the business model;
- information on the products (including investment strategies and maximal level of leverage);
- information on policies and procedures with regard to internal controls (e.g. front-line control, compliance, risk management and internal audit);
- information on policies and procedures with regard to the organization of the management company (e.g. general organization, management functions, delegation of management functions, depositary and investment services);
- shareholding information;
- information on governance.
When to provide the information
The checklist also specifies when the applicant must provide each document to the FSMA and makes a distinction between the documents that need to be submitted with the application file and those which need to be in place as from twelve months after the approval, when the AIFM or UCITS management company is up and running.