On 12 February, the FCA announced that in advance of their next formal Quarterly Consultation due this March, they are prepared to accept Modification by Consent applications from AIFMs. This will modify IPRU(INV)11’s definition of Funds under Management (‘FuM’) such that this valuation, for Derivative Instruments, represents the sum of their Market Values (not the underlying values of derivatives).

Therefore, in advance of the possible formal change to IPRU(INV)11’s FuM definition, AIFMs may request via a Waiver, that the FCA provides this Modification of  IPRU(INV)11’s FuM definition on an AIFM by AIFM basis.