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The Alternative Investment Fund Managers Regulations 2013

Changes over time for: Section 68

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Version Superseded: 31/12/2020

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Limits on leverageU.K.

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68.—(1) The FCA must—

(a)assess the risks that the use of leverage by full-scope UK AIFMs with respect to the AIFs managed by them could entail;

(b)use the measures in paragraph (2), if they are necessary in order to ensure the stability and integrity of the financial system, to limit the extent to which the use of leverage by a full-scope UK AIFM with respect to the AIFs managed by it contributes to—

(i)the build up of systemic risk in the financial system; or

(ii)the risks of disorderly markets.

(2) The measures are—

(a)imposing limits on the level of leverage that such an AIFM may employ; or

(b)imposing other restrictions on the management of such an AIF.

(3) Before and after taking a measure mentioned in paragraph (2), the FCA must notify ESMA, the ESRB and, where the measures concern an EEA AIF, the competent authority of the EEA AIF, through the procedures set out in Article 50 of the directive.

(4) The notification to be given under paragraph (3) before the measures are taken must contain details of—

(a)the proposed measures;

(b)the reasons for the measures; and

(c)when the measures are intended to take effect.

(5) Unless there are exceptional circumstances, the FCA must give such notification at least 10 working days before the proposed measures are intended to take effect.

(6) If the FCA proposes to take action contrary to ESMA's advice mentioned in Article 25.6 or 25.7 of the directive, it must inform ESMA, stating its reasons.

(7) The FCA may use its powers under section 55J and 55L of the Act (variation or cancellation on initiative of regulator and imposition of requirements by the FCA) to impose limits on leverage or other restrictions on the management of an AIF, but this paragraph does not limit the powers of the FCA.

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