The Financial Conduct Authority (FCA) has issued a formal reminder to Alternative Investment Fund Managers (AIFMs) regarding incomplete AIFMD Annex IV submissions, specifically the AIF002 returns. These omissions are impacting the regulator’s ability to carry out supervisory responsibilities and may lead to enforcement actions.
At Funds-Axis, we’re committed to helping firms stay compliant and informed. Here’s what you need to know – and how Galaxy by Funds-Axis can help.
What’s Missing?
The FCA has identified that several Alternative Investment Funds (AIFs) have failed to complete key fields in their AIF002 submissions:
- Legal Entity Identification Code (LEI) – Field 6A
- International Securities Identification Number (ISIN) – Field 7A
- Redemption/Withdrawal Rights – Field 209A
“Does the AIF offer redemption or withdrawal rights in the ordinary course?”
These fields are not optional. They are essential for effective regulatory oversight and must be completed in all future submissions.
Why It Matters
Incomplete data can result in:
- Regulatory scrutiny
- Delays in processing
- Potential enforcement actions
- Administrative penalties
The FCA has urged managers to review past submissions and ensure that all relevant fields are completed – especially ahead of year-end filings.
What You Should Do
At Funds-Axis, we recommend the following steps:
- Audit previous AIF002 submissions for completeness
- Ensure LEI and ISIN codes are correctly sourced and entered
- Clarify redemption rights for each AIF as per field 209A
- Update internal reporting processes to prevent future omissions
- Use FCA’s technical guidance and schema validation tools to ensure compliance
How Galaxy Can Help
Our Galaxy Regulatory Reporting Platform is designed to streamline your AIFMD submissions and ensure data completeness:
- Automated validation checks for FCA schema compliance
- Real-time error detection and field-level guidance
- Support for XML and manual submissions
- Audit-ready reporting workflows
Whether you’re preparing for quarterly filings or year-end submissions, Galaxy helps you stay ahead of FCA expectations.
Stay Ahead of AIFMD Reporting with Galaxy
Ensure your AIF002 returns are complete, compliant, and regulator-ready.
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