Note: This document is a confidential internal Board document only. It cannot be provided to any third party without prior written Board approval.
Table of Contents
- Introduction
- Best Execution Policy
- Delegation Policy
- Due Diligence Policy
- Due Diligence for the Selection and appointment of Prime Brokers and Counterparties
- Inducements Policy
- Liquidity Management and Redemption Policy
- Monitoring of Assets under Management Policy
- Transparency Policy
- AIFMD Reporting
- Anti-Money Laundering Policy
INTRODUCTION
This document comprises the Policies and Procedures for ACME Ltd. (the “Company”) which the Board of Directors has adopted to comply with its obligations under the provision of the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (the “Directive”), the Commission Delegated Regulation (EU) 231/2013 of 19 December, 2012 supplementing the Directive (the “Level 2 Regulation”), the European Union (Alternative Investment Fund Managers) Regulations 2013 (the “Regulations”) and the Central Bank of Ireland’s AIF Rulebook (the “AIF Rulebook”). It has been prepared by and for the Board and is a document of the Board.
This document and the procedures set out herein, is subject to change at any time and from time to time, as the Board sees fit. It is noted that the Company is currently registered with the Central Bank of Ireland (the “Central Bank”) as an Alternative Investment Fund Manager (“AIFM”).
ACME Ltd
MONITORING AND REPORTING OF ASSETS UNDER MANAGEMENT POLICY
Monitoring and Reporting of Assets under Management
In accordance with its obligations under the Directive 2011/61/EU (the “Directive”) on Alternative Investment Fund Managers, EU Commission Delegated Regulation (EU) No. 231/2013 (the “Level 2 Regulation”) and the Central Bank of Ireland’s AIF Rulebook, ACME Ltd. (the “Company”) is required to establish, implement and apply procedures to monitor on an ongoing basis the total value of assets under management.
The Company is a registered Alternative Investment Fund Manager (a “Registered AIFM”).
Ongoing monitoring of total assets under management
The Company has appointed Irish Administration Company Limited (the “Administrator”) who will calculate the value of assets for each Alternative Investment Fund (“AIF”) under management in accordance with the written procedures established by the Company and as set out in the Company’s Valuation Policy. The Company will monitor, through the receipt and review of quarterly reports from the Administrator, the total value of assets under management.
The monitoring will reflect an up-to-date overview of the assets under management. It will also include the observation of subscription and redemption activity and the value of all assets invested in by the AIFs.
Note: The proximity of the total value of assets under management to the threshold set in Article 3(2) of the Directive of €100 Million for AIF’s (i.e. the threshold for exemption from the obligation to apply for authorisation as an AIFM pursuant to AIFMD - “Threshold for Exemption”) and the anticipated subscription and redemption activity shall be taken into account in order to assess the need for more frequent calculations of the total value of assets under management.
Breaches of the threshold of the assets under management
If, during the Company’s ongoing monitoring of the assets under management, the Company discovers that that the total value of assets under management exceeds the Threshold for Exemption, the Company will assess the situation and determine upon consultation with any other entities deemed necessary if it is a temporary situation. The Company notes that a situation is not considered to be temporary where it is likely to continue for a period in excess of three months.
If the Company finds that the assets under management have exceeded the Threshold for Exemption and having consulted with the entities outlined above determines that the situation is not of a temporary nature, the Company will notify the Central Bank of Ireland without delay and shall seek full authorisation as an AIFM within 30 days.
If the Company upon consultation with the entities outlined above, considers the situation to be of a temporary nature, the Company shall notify the Central Bank without delay stating that the situation is considered temporary. The Company shall provide the Central Bank with such information as is considered necessary to support the Company’s assessment that the situation is temporary in nature. The Company shall provide the Central Bank with a written description and explanation of the situation. The Company will re-calculate the total value of assets under management within three months of the original calculation. Such calculation shall demonstrate that assets under management are now below the Threshold for Exemption and application for full authorisation as an AIFM is not required.
This Policy is intended to ensure that the assets under management are effectively and consistently monitored by the Company.
