CEO
The Financial Conduct Authority (FCA) have announced some changes to AIF001 and AIF002 reports that come into effect from the end of June 2022 following the UK’s withdrawal from the EU. This is the first major schema update since 2014. The purpose of these changes is to remove mentions of “EU” or the “EEA” and to be replaced with “the UK” and references to “ESMA” are being replaced with “the FCA”.
The FCA have said in their communication on 05/05/22: ”We are informing you of these changes now so you can familiarise yourselves with the revised reports ahead of the next reporting period. For the majority of firms, this means the new reports will be used for the first time in relation to Reporting Period End 30 June 2022 and due for submission by 1 August 2022”.A new version 2 report has been created for the AIF001 and AIF002 meaning when you select your report you will be presented with the version that you are to report against. Version 1 for reporting periods ending on or prior to 31/03/22 and version 2 for reporting periods after 31/03/22.
How will these changes affect your firm?
For firms that manage their upload manually, this will require a significant amount of work to re-map and re-write all their questions that are related to the above mentioned changes. This could quickly rack up a significant amount of time when the deadline to complete this is fast approaching.
For firms that use a vendor to automatically upload their reports, have you checked with them to ensure that they are ready for these changes? All firms should be getting in touch with their vendors now to see if they are ready otherwise you may need to look at alternative providers.
Is AQMetrics ready?
Our platform is built to be ready for any regulatory changes that may be on the horizon. We ensure our customers are aware of these changes and what approach we are taking to ensure a smooth transition into a new regulatory landscape. We are ready for these changes and if you would like to find out more, get in touch via [email protected] today and a member of our team will be happy to organise a demo or a high level overview of what we can do for you.