One subject at a time
Deep dives
Nine briefings on a single instrument or control each: how it operates, who decides, and what must be recorded.
The nine deep dives
The liquidity management framework
What a liquidity risk management framework contains, what monitoring means, and the 2023 multi-firm review findings.
Module: Liquidity by design 02Anti-dilution tools
Which funds can operate a levy or a swing, what the prospectus commits the manager to, and where the money goes.
Module: Liquidity by design · Liquidity under pressure 03Suspension
The suspension a property NURS does not choose, the step before a discretionary one, and where the Woodford outcomes stand.
Module: Liquidity under pressure 04Gates and deferral
The deferral power an authorised fund has, the ranking COLL settles, and what a scaleback needs fixed in advance.
Module: Liquidity under pressure 05Side pockets
COLL 7.8, from the board decision that creates a side pocket class to who pays for it.
Module: Liquidity under pressure · Valuation 06Liquidity stress testing
Two stress duties with different perimeters, and the modelling choices the FCA has named as defects.
Module: Liquidity under pressure 07The risk function
Who is answerable for risk at a core-firm AIFM, what equal authority looks like on paper, and what delegation changes.
Module: Risk and leverage 08Valuation in practice
What the rulebook requires once a published net asset value turns out to have been wrong.
Module: Valuation 09Governance and SMCR
How a UK AIFM is categorised, the six responsibilities a core firm places, and the one COLL allocation it cannot choose.
Module: Operating an AIFM: organisation, conduct and conflicts · Supervision, failure and building the system