Note: This document is a confidential internal Board document only. It cannot be provided to any third party without prior written Board approval.
- Order Handling and Reporting Policy
- Personal Transactions Policy
- Internal Control Policy
- Delegation Policy
- Portfolio Management Policy
- Risk Management Policy
- Leverage Policy
- Liquidity Management and Redemption Policy
- Due Diligence Policy
- Due Diligence Policy for the Selection and Appointment of Prime Brokers And Counterparties
- Transparency Policy
- Accounting Policy
- Valuation Policy
- Electronic Data Processing , Security, Integrity and Confidentiality of Information Policy
- Retention of Records Policy
- Best Execution Policy
- Voting Policy
- Inducements Policy
- Conflicts of Interest Policy
- Compliance Policy
- Internal Audit Policy
- Complaints Policy
- Business Continuity Policy
- Remuneration Policy
- AIFMD Reporting Obligations Policy
- AML/CTF Policy
ACME AIF ICAV
Order Handling and Reporting Policy
In accordance with its obligations under the European Union (Alternative Investment Fund Managers) Regulations 2013 (the “Regulations”) and EU Commission Delegated Regulation (EU) No. 231/2013 (the “Level 2 Regulation”) ACME AIF ICAV (the “ICAV”) is required to have procedures and arrangements in place that provide for the prompt, fair and expeditious execution of portfolio orders on behalf of the ICAV and the aggregation, allocation and handling of subscription and redemption orders.
The ICAV is an internally managed alternative investment fund and has not appointed a separate AIFM.
Order Handling and Reporting Policy Framework
The ICAV has established the following order handling procedures for the purposes of complying with its obligations under the Regulations to ensure prompt, fair and expeditious execution of orders on behalf of the ICAV.
Handling and Recording of Portfolio Orders
The ICAV will procure that any delegate to whom it delegates portfolio management or any part thereof (each a delegate) will make, without delay, for each portfolio transaction, a record of information which is sufficient to reconstruct the details of the order and the executed transaction or of the agreement.
With regard to portfolio transactions on an execution venue, this record shall include the following information:
(i) the name or other designation of the ICAV and of the person acting for the account of the ICAV;
(ii) the asset;
(iii) where relevant, the quantity;
(iv) the type of the order or transaction;
(v) the price;
(vi) for orders, the date and exact time of the transmission of the order and the name or other designation of the person to whom the order was transmitted, or for transactions, the date and exact time of the decision to deal and the execution of the transaction;
(vii) where applicable, the name of the person transmitting the order or executing the transaction;
(viii) where applicable, the reasons for the revocation of an order;
(ix) for executed transactions the counterparty and execution venue identification.
With regard to portfolio transactions by the ICAV outside an execution venue, the record shall include the following information:
(a) the name or other designation of the ICAV;
(b) the legal and other documentation that forms the basis of the portfolio transaction, including in particular the agreement as executed;
(c) the price.
For the purposes of the above, an execution venue shall include a systematic internaliser as referred to in point (7) of Article 4(1) of Directive 2004/39/EC, a regulated market as referred to in point (14) of Article 4(1) of that Directive, a multilateral trading facility as referred to in point (15) of Article 4(1) of that Directive, a market maker as referred to in point (8) of Article 4(1) of that Directive or other liquidity provider or an entity that performs a similar function in a third country to the functions performed by any of the foregoing.
Handling of Subscription and Redemption Orders
The ICAV has appointed [Irish Administrator Company Limited] as administrator of the ICAV (the “Administrator”) pursuant to the Administration Agreement to handle the subscription and redemption orders on behalf of the ICAV.
Notification to Investors
The Administrator, when it carries out a subscription or redemption order from an investor will notify the investor, by means of a durable medium, confirming execution of the order as soon as possible.The notification referred to above above where applicable, will include the following information:
(i) the ICAV identification;
(ii) the name or other designation of the investor;
(iii) the date and time of receipt of the order and method of payment;
(iv) the date of execution;
(v) the nature of the order (subscription or redemption);
(vi) the number of shares involved;
(vii) the share value at which the units/shares were subscribed or redeemed;
(vii) the reference value date;
(ix) the gross value of the order including charges for subscription or net amount after charges for redemptions;
(xi) the total sum of the commissions and expenses charged and, where the investor so requests, an itemised breakdown.
Where orders for an investor are executed periodically, the Administrator must notify the investor, as provided above, or provide the investor, at least once every six months, with the information listed in (i) –(xi) above in respect of those transactions. The Administrator will supply an investor upon request, with information about the status of his order.
The Administrator shall take all reasonable steps to ensure that subscriptions received and, where relevant, redemption orders are recorded without undue delay after receipt of any such order.
That record shall include information on the following:
(a) the identification of the ICAV;
(b) the person giving or transmitting the order;
(c) the person receiving the order;
(d) the date and time of the order;
(e) the terms and means of payment;
(f) the type of the order;
(g) the date of execution of the order;
(h) the number of shares or equivalent amounts subscribed or redeemed;
(i) the subscription or, where relevant, redemption price for each share or, where relevant, the amount of capital committed and paid;
(j) the total subscription or redemption value of the shares;
(k) the gross value of the order including charges for subscription, or the net amount after charges for redemption.
Information under points (i), (j) and (k) shall be recorded as soon as available.
Notification to Delegates
The ICAV will notify its delegate and the Administrator of its order handling and reporting policy and the provisions thereof. In addition, the ICAV will notify them in the event of any material change to the policy.
ACME AIF ICAV
Personal Transactions Policy
In accordance with its obligations under the European Union (Alternative Invesment Fund Managers) Regulations 2013 (the “Regulations”) and EU Commission Delegated Regulation (EU) No. 231/2013 (the “Level 2 Regulation”) ACME AIF ICAV (the “ICAV”) is required to establish rules for personal transactions entered into by its employees. These rules are set out in this Personal Transactions Policy.
The ICAV is an internally managed alternative investment fund and has not appointed a separate AIFM.
Personal Transactions Policy Framework
The personal transactions policy framework is designed to ensure that:
(i) each Relevant Person is aware of the restrictions on personal transactions, and of the measures established by the ICAV in connection with personal transactions and disclosure;
(ii) the ICAV is informed promptly of any personal transaction entered into by a Relevant Person, either by notification of that transaction or by other procedures enabling the ICAV to identify such transactions;
(iii) where certain activities are performed by third parties, the ICAV shall ensure that the entity performing the activity maintains a record of personal transactions entered into by any Relevant Person and provides that information to the ICAV promptly on request;
(iv) a record is kept of the personal transactions notified to the ICAV or identified by it, including any authorisation or prohibition in connection with such a transaction.
For the purpose of this Policy, the following terms shall have the following meanings:
“Inside Information” shall mean information of a precise nature which has not been made public, relating, directly or indirectly, to one or more issuers of financial instruments or to one or more financial instruments and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments or on the price of related derivative financial instruments.
In relation to derivatives on commodities, ‘inside information’ shall mean information of a precise nature which has not been made public, relating, directly or indirectly, to one or more such derivatives and which users of markets on which such derivatives are traded would expect to receive in accordance with accepted market practices on those markets.
For persons charged with the execution of orders concerning financial instruments, ‘inside information’ shall also mean information conveyed by a client and related to the client's pending orders, which is of a precise nature, which relates directly or indirectly to one or more issuers of financial instruments or to one or more financial instruments, and which, if it were made public, would be likely to have a significant effect on the prices of those financial instruments or on the price of related derivative financial instruments
“Relevant Person” shall mean:
(a) a director, partner or equivalent of the ICAV;
(b) an employee of the ICAV (if relevant), as well as any other natural person whose services are placed at the disposal and under the control of the ICAV and who is involved in the provision by the ICAV of collective portfolio management;
(c) a natural person who is directly involved in the provision of services to the ICAV under a delegation arrangement to third parties for the purpose of the provision by the ICAV of collective portfolio management.
Requirements relating to Personal Transactions
The ICAV has established the arrangements outlined below aimed at preventing the following activities in the case of any Relevant Person who is involved in activities that may give rise to a conflict of interest, or who has access to Inside Informationor other confidential information relating to the ICAV or transactions with or for the ICAV by virtue of an activity carried out by him on behalf of the ICAV:
entering into a personal transaction which fulfils at least one of the following criteria:
- that person is prohibited from entering into that personal transaction within the meaning of Directive 2003/6/EC (the Market Abuse Directive);
- it involves the misuse or improper disclosure of confidential information; or
- it conflicts or is likely to conflict with an obligation of the ICAV under the Directive or under Directive 2004/39/EC.
- advising or inducing (other than in the proper course of his or her employment or contract for services) any other person to enter into a referred to in point (a)(i) and (ii), or would otherwise constitute a misuse of information relating to pending orders.
disclosing (other than in the proper course of his or her employment or contract for services) any information or opinion to any other person if the relevant person knows, or reasonably ought to know, that as a result of that disclosure that other person will or would be likely to take either of the following steps:
- to enter into a transaction referred to in point (a)(i) and (ii) in financial instruments or other assets or that would otherwise constitute a misuse of information relating to pending orders; or
- to advise or procure another person to enter into such a transaction.
For the above purposes, a personal transaction includes a transaction in a financial instrument or other asset effected on behalf or for the account of:
(i) a Relevant Person;
(ii) any person with whom the Relevant Person has a family relationship or with whom the relevant person has close links;
(iii) a person whose relationship with the Relevant Person is such that the Relevant Person has a direct or indirect material interest in the outcome of the trade, other than a fee or commission for the execution of the trade.
Not Applicable to Following
This Policy shall not apply to the following kinds of personal transactions:
(i) personal transactions effected under a discretionary portfolio management service where there is no prior communication in connection with the transaction between the portfolio manager and the Relevant Person or other person for whose account the transaction is executed; and
(ii) personal transactions in Undertakings for Collective Investment in Transferable Securities (“UCITS”) or Alternative Investment Companies (“AIFs”) that are subject to supervision under the law of a Member State which requires an equivalent level of risk spreading in their assets, where the relevant person and any other person for whose account the transactions are effected are not involved in the management of the AIF.
Arrangements applicable to Personal Transactions
The ICAV requires any delegates involved in collective portfolio management or part thereof. its administrator and distributors (the “Delegates”) to maintain adequate procedures to prevent Relevant Persons in possession of Inside Information or confidential information, or who are involved in activities which may give rise to a conflict of interest, from engaging in the activities listed above.
In addition, the ICAV requires its Delegates to:
- ensure that all Relevant Persons are made aware of the restrictions and its procedures as set out in this Policy;
- ensure that it is notified of all Personal Transactions;
- maintain records of such Personal Transactions notified to it and any authorisations or prohibitions in connection with such notifications for a period of 6 years; and
- provide the ICAV with a record of all Personal Transactions entered into by all Relevant Persons upon request.
Notification to Delegates
The ability to comply with the Policy is established during the due diligence process that takes place prior to the appointment of a delegate and the ICAV will contractually require that its Delegates will adhere to this policy.
In addition, the ICAV will notify its Delegates in the event of any material change to the policy. The ICAV will obtain confirmation from its Delegates that they will comply with this policy on an ongoing basis. The ICAV shall procure that each Delegate shall provide it with such reports, on request, as will enable it to monitor the performance of the Delegate and to monitor the Delegate’s compliance with this policy on an ongoing basis.