AIFM Authorization Audit — Every Requirement Mapped in 15 Minutes

# mrchief skill: regulatory-compliance
# AIFM authorization audit

mode: authorization-audit
regulation: AIFM-2011-61-EU
jurisdiction: france

entity_profile:
  name: "PyratzLabs Fund I SLP"
  legal_form: SLP  # Société de Libre Partenariat
  domiciliation: france
  management_company: "PyratzLabs Management SAS"
  projected_aum: EUR_45M
  investment_strategy: venture_capital_digital_assets
  investor_types: [professional, qualified]
  num_funds_managed: 1
  delegation_planned: true
  delegation_scope: [portfolio_management_partial, risk_monitoring]

output:
  format: checklist
  include_french_specific: true
  include_exemptions: true
  gap_analysis: true

AIFM AUTHORIZATION AUDIT — PyratzLabs Fund I SLP
═══════════════════════════════════════════════════

PRELIMINARY: SCOPE & EXEMPTIONS
────────────────────────────────
Art. 3(2) — Sub-threshold exemption analysis:
  AUM < €500M (no leverage, no redemption rights in 5 years): APPLICABLE
  Projected AUM €45M: ✅ BELOW threshold
  → ELIGIBLE for light-touch registration (Art. 3(3))
  → Full authorization NOT mandatory but may be opted into

⚠️ DECISION POINT: Light-touch registration vs full authorization
  Light-touch: registration with AMF, limited reporting (Art. 3(3)(d))
  Full authorization: passport rights, AIFMD marketing, institutional access
  Recommendation: if targeting non-French EU investors → full authorization

IF FULL AUTHORIZATION CHOSEN:
────────────────────────────

ORGANIZATIONAL REQUIREMENTS (Art. 12-18)
├── Art. 12: General principles
│   ├── Act honestly, fairly, with due skill           [POLICY NEEDED]
│   ├── Act in best interests of AIF/investors         [POLICY NEEDED]
│   └── Treat all investors fairly                     [POLICY NEEDED]
│
├── Art. 13: Remuneration policy
│   ├── Written remuneration policy                    [TO DRAFT]
│   ├── Senior management/risk takers identified       [TO MAP]
│   ├── Variable/fixed ratio compliant                 [TO VERIFY]
│   └── French-specific: AMF Position 2013-11          [TO REVIEW]
│
├── Art. 14: Conflicts of interest
│   ├── Conflicts identification procedures            [TO DRAFT]
│   ├── Organizational separation measures             [GAP ⚠️]
│   └── Disclosure to investors when measures insufficient [TO DRAFT]

CAPITAL REQUIREMENTS (Art. 9)
├── Initial capital: €125,000 (management company)     [MET ✅]
├── Additional capital: 0.02% of AUM > €250M           [N/A — below threshold]
├── Professional indemnity insurance OR
│   additional own funds (Art. 9(7))                   [TO ARRANGE]
│
│   French-specific (ACPR):
│   └── Quarterly prudential reporting                 [TEMPLATE NEEDED]

DELEGATION (Art. 20) — CRITICAL FOR YOUR STRUCTURE
├── Art. 20(1): Objective reasons for delegation       [TO DOCUMENT]
├── Art. 20(1)(a): Delegate must be authorized/regulated [TO VERIFY]
├── Art. 20(1)(b): Effective supervision capability    [PROCEDURE NEEDED]
├── Art. 20(1)(c): Revocation at any time              [CONTRACT CLAUSE]
├── Art. 20(2): No delegation of portfolio + risk      [✅ — partial only]
├── Art. 20(3): Letterbox entity prohibition           [SUBSTANCE TEST ⚠️]
│
│   French-specific (AMF Position 2018-05):
│   ├── Substance requirements for management company  [KEY REQUIREMENT]
│   ├── Minimum 2 full-time equivalent in France       [TO VERIFY]
│   └── Decision-making must remain in France          [PROCEDURE NEEDED]

...
[Full checklist continues for 47 requirement categories]

SUMMARY DASHBOARD:
═══════════════════
Requirements met:          12/47  (26%)
Gaps identified:           18/47  (38%)
Policies to draft:         11/47  (23%)
Not applicable:             6/47  (13%)

ESTIMATED TIMELINE TO AUTHORIZATION:
─────────────────────────────────────
Gap remediation:           6-8 weeks
Application preparation:   4-6 weeks
AMF review period:         3-6 months (current avg: 4.2 months)
Total:                     5-8 months

mrchief run regulatory-compliance \
  --mode authorization-audit \
  --regulation AIFM \
  --jurisdiction france \
  --entity-profile ./entity-profile.yaml