FCA expects notification of AIFMD leverage breaches

Depositories and fund managers have to cope with lack of clarity

FCA expectations are causing concern

The Financial Conduct Authority (FCA) expects alternative investment fund managers (AIFMs) to notify it of leverage breaches, despite regulation lacking the explicit instruction for them to do so.

Under the Alternative Investment Fund Managers Directive (AIFMD), implemented a year ago, alternative investment fund managers are mandated to set out leverage limits for each AIF they manage, to demonstrate that the limits are reasonable and to comply with them at all times.

However, an FCA

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