FCA Launches AIFMD Reporting System

The U.K. Financial Conduct Authority (FCA) has gone live with its reporting system, GABRIEL, as fund managers’ gear up for reporting requirements under the Alternative Investment Fund Managers Directive (AIFMD).

The electronic system went live on Monday, whereby U.K. fund managers will have to report to GABRIEL as part of annex IV of AIFMD.

As part of the rules, funds will have to report to the FCA their most traded instruments, investment strategies and geographical/sectorial investment focus, as well as information on their counterparties and the diversification of their portfolio.

“It is good to see the reporting mechanisms and processes for Annex IV reporting being finalised and rolled out,” says Tim Thornton, managing director, global client delivery, Mitsubishi UFJ Fund Services.

Prior to the launch of GABRIEL, firms had the option to submit reports via email using an ESMA consolidated template. However with the new system now live, firms will have to either submit reports by manually keying data into GABRIEL forms or setting up a direct system to system data service.

European firms have been frustrated due to incomplete or delayed implementation of the rules, but this is the first time where all fund managers in the UK must report to the FCA.

However despite the rollout of the system, Thornton says firms should still be wary of the data they submit.

“It is important that managers consider carefully the sources of data, who is responsible for each of the Annex IV questions and plan early to ensure that their reporting solution is able to enhance, transform and load such data into the correct reporting format to avoid as much manual work as possible.”

Other European fund managers will have to submit reports to their national competent authority (NCA).