Read and apply
The written course
Sixteen modules in five parts: scope, the AIFM's own duties, fund-level controls, disclosure and reporting, and the reform position.
Part 01
Scope and standing
Which firms and funds AIFMD applies to, and the status that follows.
Why the regime exists, and what it regulates
AIFMD authorises and supervises the manager, and attaches fund-level duties to it.
Video: Module 1 02The perimeter: is this an AIF, and who is the AIFM
The elements of the AIF definition, how the AIFM is identified, and the status that follows.
Video: Module 2Part 02
Running the manager
The organisational, conduct, delegation, risk and remuneration duties that apply to the AIFM.
Operating an AIFM: organisation, conduct and conflicts
The organisational, conduct and conflicts duties that apply to the AIFM itself.
Video: Module 3 04Delegation, substance and oversight
The conditions for a valid delegation, and the oversight the AIFM must retain and evidence.
Video: Module 4 05Risk and leverage
The separated risk function, risk limits, and the two leverage calculations.
Video: Module 5 06Remuneration
Which staff are caught, the required pay structure, and the limits of proportionality.
Video: Module 3Part 03
Liquidity, valuation and safekeeping
The fund-level controls an AIFM must operate and evidence.
Liquidity by design
Aligning investment strategy, liquidity profile and redemption policy.
Video: Module 6 08Liquidity under pressure
Stress testing, and the tools available when redemptions exceed available liquidity.
Video: Module 6 09Valuation
Valuation independence, method, and the resolution of a disputed mark.
Video: Module 7 10Depositary and safekeeping
The depositary's duties, the liability standard, and the depositary-lite route.
Video: Module 7Part 04
Disclosure, reporting and marketing
What investors must be told, what the FCA receives, and the conditions that apply before marketing.
Part 05
AIFMD II and UK reform
The EU amendments, loan origination, the proposed UK regime, and how the FCA supervises.
AIFMD II: what changed in Europe
The areas amended by AIFMD II, the commencement dates, and how the amendments reach a UK firm.
Video: Module 9 · Module 11 14Private credit and loan origination
Loan origination under AIFMD II: credit process, concentration, leverage and prohibited borrowers.
Video: Module 10 15The UK's replacement regime
The FCA's proposed tiered regime and the draft statutory instrument. Proposals, not law.
Video: Module 12 16Supervision, failure and building the system
FCA supervisory tools, notification obligations, and accountability across the operating model.
Video: Module 1 · Module 12