http://www.legislation.gov.uk/uksi/2019/336/2023-07-11The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019texttext/xmlenEXITING THE EUROPEAN UNIONFINANCIAL SERVICESStatute Law Database2023-09-25Expert Participation2023-07-11 These Regulations are made in exercise of the powers conferred by section 8(1) of the European Union (Withdrawal) Act 2018 (c. 16) in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (and in particular the deficiencies referred to in paragraphs (a), (b), (c) and (g) of section 8(2) of that Act). The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 2019 No. 336Exiting The European UnionFinancial ServicesThe Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019Made20th February 2019Coming into force in accordance with regulation 1(2) and (3)The Treasury make these Regulations in exercise of the powers conferred by section 8(1) of, and paragraph 21(b) of Schedule 7 to, the European Union (Withdrawal) Act 2018 .In accordance with paragraph 1(1) of Schedule 7 to that Act, a draft of this instrument has been laid before, and approved by a resolution of, each House of Parliament.PART 1GeneralCitation and commencement11These Regulations may be cited as the Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019.2This Part and Part 2 come into force on the day after the day on which these Regulations are made.3Part 3 comes into force on exit day.PART 2Amendment of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018Amendment of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 201821The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 are amended as follows.2In the Schedule, in Part 1 (EU Regulations for which the FCA is the appropriate regulator), after item 6 insert—European Long-Term Investment Funds Regulation6ACommission Delegated Regulation (EU) 2018/480 of 4 December 2017 supplementing Regulation (EU) 2015/760 of the European Parliament and of the Council with regard to regulatory technical standards on financial derivative instruments solely serving hedging purposes, sufficient length of the life of the European long-term investment funds, assessment criteria for the market for potential buyers and valuation of the assets to be divested, and the types and characteristics of the facilities available to retail investors  ..PART 3Amendment of Regulation (EU) 2015/760Amendment of Regulation (EU) 2015/7603Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds is amended as follows.Subject matter and objective41Article 1 (subject matter and objective) is amended as follows.2For paragraph 1 substitute—<P1><Pnumber>1</Pnumber><P1para><Text>This Regulation lays down rules on the authorisation, investment policies and operating conditions of UK alternative investment funds (UK AIFs) or compartments of UK AIFs that are marketed in the United Kingdom as long-term investment funds  (LTIFs).</Text></P1para></P1></P1group></BlockAmendment><AppendText>.</AppendText></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/4/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/4/3" id="regulation-4-3"><Pnumber>3</Pnumber><P2para><Text>In paragraph 2—</Text><P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/4/3/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/4/3/a" id="regulation-4-3-a"><Pnumber>a</Pnumber><P3para><Text>after “European” insert <InlineAmendment>“ and UK ”</InlineAmendment>;</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/4/3/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/4/3/b" id="regulation-4-3-b"><Pnumber>b</Pnumber><P3para><Text>omit “Union”.</Text></P3para></P3></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/4/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/4/4" id="regulation-4-4"><Pnumber>4</Pnumber><P2para><Text>Omit paragraph 3.</Text></P2para></P2></P1para></P1></P1group><P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I."><Title>Definitions51Article 2 (definitions) is amended as follows.2In point (2), for the words from “considered” to the end substitute “ a professional client as defined in point (8) of Article 2(1) of the markets in financial instruments regulation ”.3In point (6), omit “Union”.4In point (7)—ain points (a), (b), (c), (d), (e), (f) and (g), at the end insert “ , as it forms part of EU law and as modified by EU law from time to time ”;bafter point (b) insert—baan investment firm as defined in Article 2(1A) of the markets in financial instruments regulation;;cafter point (c) insert—caan insurance undertaking as defined in section 417(1) of FSMA;;dafter point (d) insert—daa financial holding company as defined in point (20) of Article 4(1) of Regulation (EU) No 575/2013, as it forms part of the law of the United Kingdom and as modified by domestic law from time to time;;eafter point (e) insert—eaa mixed activity holding company as defined in point (22) of Article 4(1) of Regulation (EU) No 575/2013, as it forms part of the law of the United Kingdom and as modified by domestic law from time to time;;fafter point (f) insert—faa management company as defined in section 237(2) of FSMA;;gafter point (g) insert—gaan AIFM as defined in regulation 4(1) of the AIFM Regulations..5After point (7) insert—7A‘UK AIF’ has the meaning given in regulation 2(1) of the AIFM Regulations;7B‘UK AIFM’ has the meaning given in regulation 2(1) of the AIFM Regulations;7C‘AIFM Regulations’ means the Alternative Investment Fund Managers Regulations 2013 , as amended from time to time;7D‘Long-term Investment Fund (LTIF)’ means a UK AIF that—ais authorised as an LTIF under Article 6 of this Regulation; orbimmediately before IP completion day was authorised by the FCA as an ELTIF under Article 6 of Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds , as that Regulation had effect immediately before IP completion day;7E‘European Long-term Investment Fund (ELTIF)’ means an EU AIF that—ais authorised as an ELTIF under Article 6 of Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds, as that Regulation has effect in EU law; orbimmediately before IP completion day was authorised by a competent authority other than the FCA as an ELTIF under Article 6 of Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds, as that Regulation had effect immediately before IP completion day;.6Omit points (9) to (11).7In point (12), for the definition of ‘manager of the ELTIF’, substitute—‘manager of the LTIF’ means the UK AIFM approved by the FCA under Article 6 to manage the LTIF;.8Omit point (13).9For point (16) substitute—16‘financial instrument’ has the meaning given in Article 2(1) of the markets in financial instruments regulation;.10For point (18), substitute—18A‘UK regulated market’ has the meaning given in point (13A) of Article 2(1) of the markets in financial instruments regulation;18B‘EU regulated market’ has the meaning given in point (13B) of Article 2(1) of that Regulation;.11For point (19), substitute—19A‘UK multilateral trading facility’ has the meaning given in point (14A) of Article 2(1) of the markets in financial instruments regulation;19B‘EU multilateral trading facility’ has the meaning given in point (14B) of Article 2(1) of the markets in financial instruments regulation;.12At the end insert—20‘the FCA’ means the Financial Conduct Authority;21‘FSMA’ means the Financial Services and Markets Act 2000 ;22‘the markets in financial instruments regulation’ means Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, as amended from time to time;23‘European Venture Capital Fund (EuVECA)’ means a European venture capital fund registered under Article 14a of Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds , as that Regulation has effect in EU law;24‘Registered Venture Capital Fund (RVECA)’ means a venture capital fund which is registered by the FCA in accordance with Article 14a of Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds, as amended from time to time;25‘European Social Entrepreneurship Fund (EuSEF)’ means a European social entrepreneurship fund registered under Article 15a of Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds , as that Regulation has effect in EU law;26‘Social Entrepreneurship Fund (SEF)’ means a social entrepreneurship fund which is registered by the FCA in accordance with Article 15a of Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds, as amended from time to time;27Any reference in this Regulation to a sourcebook is a reference to a sourcebook made under FSMA by the FCA, as in force on IP completion day..Authorisation and central public register6For paragraphs 1 to 3 of Article 3 (authorisation and central public register) substitute—<P1><Pnumber>1</Pnumber><P1para><Text>An LTIF may only be marketed in the United Kingdom if it is authorised in accordance with Article 6.</Text></P1para></P1></P1group><P1group Layout="below"><Title/><P1><Pnumber>2</Pnumber><P1para><Text>Only a UK AIF is eligible to apply for and to be granted authorisation as an LTIF.</Text></P1para></P1></P1group><P1group Layout="below"><Title/><P1><Pnumber>3</Pnumber><P1para><Text>The FCA may keep a central public register identifying—</Text><P3><Pnumber>a</Pnumber><P3para><Text>each LTIF authorised under Article 6 of this Regulation;</Text></P3para></P3><P3><Pnumber>b</Pnumber><P3para><Text>the manager of each LTIF; and</Text></P3para></P3><P3><Pnumber>c</Pnumber><P3para><Text>any LTIF whose authorisation is revoked under regulation 23C of the AIFM Regulations.</Text></P3para></P3></P1para></P1></P1group><P1group Layout="below"><Title/><P1><Pnumber>4</Pnumber><P1para><Text>A register kept under this Article must be made available in electronic format.</Text></P1para></P1></P1group></BlockAmendment><AppendText>.</AppendText></P1para></P1></P1group><P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I."><Title>Designation and prohibition on transformation71Article 4 (designation and prohibition on transformation) is amended as follows.2Before paragraph 1 insert—<P1><Pnumber>A1</Pnumber><P1para><Text>The designation ‘LTIF’ or ‘long-term investment fund’ in relation to a collective investment undertaking, or the units or shares it issues, may only be used where the collective investment undertaking—</Text><P3><Pnumber>a</Pnumber><P3para><Text>immediately before <Substitution ChangeId="key-13523e1f6eb76805615b48102f22e7f6-1619004295672" CommentaryRef="key-13523e1f6eb76805615b48102f22e7f6">IP completion day</Substitution>, was authorised by the FCA in accordance with Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds, as that Regulation had effect immediately before <Substitution ChangeId="key-13523e1f6eb76805615b48102f22e7f6-1619004336827" CommentaryRef="key-13523e1f6eb76805615b48102f22e7f6">IP completion day</Substitution>; or</Text></P3para></P3><P3><Pnumber>b</Pnumber><P3para><Text>has been authorised by the FCA in accordance with this Regulation.</Text></P3para></P3></P1para></P1></P1group></BlockAmendment><AppendText>.</AppendText></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/7/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/7/3" id="regulation-7-3"><Pnumber>3</Pnumber><P2para><Text>In paragraph 1, for the words from “where” to the end substitute—</Text><BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default"><P1para><Text>in the United Kingdom where the collective investment undertaking—</Text><P3><Pnumber>a</Pnumber><P3para><Text>is an ELTIF as defined in Article 2(7E); or</Text></P3para></P3><P3><Pnumber>b</Pnumber><P3para><Text>immediately before <Substitution ChangeId="key-c2d87a31f0949204440b0c94684c286e-1619004376193" CommentaryRef="key-c2d87a31f0949204440b0c94684c286e">IP completion day</Substitution>, was authorised by the FCA in accordance with Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds <CommentaryRef Ref="c23595001"/>, as that Regulation had effect immediately before <Substitution ChangeId="key-c2d87a31f0949204440b0c94684c286e-1619004401369" CommentaryRef="key-c2d87a31f0949204440b0c94684c286e">IP completion day</Substitution>.</Text></P3para></P3></P1para></BlockAmendment><AppendText>.</AppendText></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/7/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/7/4" id="regulation-7-4"><Pnumber>4</Pnumber><P2para><Text>In paragraph 2, for “ELTIFs” substitute <InlineAmendment>“ LTIFs ”</InlineAmendment>.</Text></P2para></P2></P1para></P1></P1group><P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I."><Title>Application for authorisation as an LTIF81Article 5 (the heading to which becomes “ Application for authorisation as an LTIF ”) is amended as follows.2In paragraph 1—afor “competent authority of the ELTIF” substitute “ FCA ” in both places;bfor the other references to “ELTIF” substitute “ LTIF ” in each place.3In paragraph 2—afor “an EU AIFM authorised under Directive 2011/61/EU” substitute “ a UK AIFM ”;bfor “competent authority of the ELTIF” where it first appears substitute “ FCA ”;cfor “manage an ELTIF” substitute “ manage an LTIF ” in both places;domit the sentence beginning “In the event that”;ein point (b) for “ELTIF” substitute “ LTIF ”;fin point (c), for “EU AIFM” substitute “ UK AIFM ”;gomit the third subparagraph.4In paragraph 3—afor “ELTIF” substitute “ LTIF ” in both places;bfor “EU AIFM” substitute “ UK AIFM ”.5In paragraph 4, for “competent authority of the ELTIF” substitute “ FCA ”.6In paragraph 5—afor “an EU AIF” substitute “ a UK AIF ”;bfor “ELTIF” substitute “ LTIF ” in each place;cfor “an AIFM under Directive 2011/61/EU” substitute “ a UK AIFM under the AIFM Regulations ”;dfor “Article 7 of Directive 2011/61/EU” substitute “ Part 3A of the AIFM Regulations ”;efor “EU AIF shall” substitute “ UK AIF must ”.Conditions for granting authorisation as an LTIF91Article 6 (the heading to which becomes “ Conditions for granting authorisation as an LTIF ”) is amended as follows.2In paragraph 1—ain the words before point (a)—ifor “An EU AIF” substitute “ A UK AIF ”;iifor “ELTIF” substitute “ LTIF ”;iiifor “its competent authority” substitute “ the FCA ”;bin point (a), for “EU AIF” substitute “ UK AIF ”;cin point (b), for “an EU AIFM authorised in accordance with Directive 2011/61/EU to manage the ELTIF” substitute “ a UK AIFM to manage the LTIF ”.3In paragraph 2—afor “an EU AIF” substitute “ a UK AIF ”;bfor “competent authority” substitute “ FCA ”;cfor “the EU AIF” substitute “ the UK AIF ” in both places;dfor “Directive 2011/61/EU” substitute “ the AIFM Regulations ”;efor “an EU AIFM” substitute “ a UK AIFM ”.4In paragraph 3—afor “The competent authority of the ELTIF” substitute “ The FCA ”;bfor “an EU AIFM” substitute “ a UK AIFM ”;cfor “an ELTIF” substitute “ an LTIF ”;dfor “where the EU AIFM” substitute “ where the UK AIFM ”;efor “Directive 2011/61/EU” substitute “ the AIFM Regulations ”;ffor “its competent authority” substitute “ the FCA ”;gomit the final sentence.5In paragraph 4—afor “The competent authority of the ELTIF” substitute “ The FCA ”;bfor “an ELTIF” substitute “ an LTIF ”;cfor “EU AIF” substitute “ UK AIF ”;dfor “its home Member State” substitute “ the United Kingdom ”.6For paragraphs 5 to 7 substitute—<P1><Pnumber>5</Pnumber><P1para><Text>A UK AIF authorised by the FCA as an ELTIF before <Substitution ChangeId="key-93eaa77f2e68694dddf2d1180fc0ece3-1619004911316" CommentaryRef="key-93eaa77f2e68694dddf2d1180fc0ece3">IP completion day</Substitution> under Article 6 of Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds <CommentaryRef Ref="c23595011"/> (as that Regulation had effect immediately before <Substitution ChangeId="key-93eaa77f2e68694dddf2d1180fc0ece3-1619004843174" CommentaryRef="key-93eaa77f2e68694dddf2d1180fc0ece3">IP completion day</Substitution>) is taken to be authorised by the FCA as an LTIF under this Article.</Text></P1para></P1></P1group></BlockAmendment><AppendText>.</AppendText></P2para></P2></P1para></P1></P1group><P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I."><Title>Applicable rules and liability101Article 7 (applicable rules and liability) is amended as follows.2In paragraph 1, for “ELTIF” substitute “ LTIF ”.3In paragraphs 2 and 3—afor “ELTIF” substitute “ LTIF ” in each place;bfor “Directive 2011/61/EU” substitute “ the AIFM Regulations, rules made by the FCA for the purpose of implementing Directive 2011/61/EU and any EU Regulation made under that Directive that forms part of retained EU law ”.Obligations concerning the investment policies of LTIFs11In the heading to Chapter 2, for “ELTIFs” substitute “ LTIFs ”.Investment compartments12In Article 8 (investment compartments), for “ELTIF” substitute “ LTIF ” in both places.Eligible investments131Article 9 (eligible investments) is amended as follows.2In paragraph 1—afor “ELTIF” substitute “ LTIF ”;bafter point (a) insert—aaassets permitted by section 2 of Chapter 5 of the Collective Investment Schemes sourcebook as if the LTIF were a UK UCITS as defined in section 237(3) of FSMA;.3In paragraph 2, for “ELTIF” substitute “ LTIF ” in each place.4For paragraph 3 substitute—<P1><Pnumber>3</Pnumber><P1para><Text>The FCA may make technical standards specifying criteria for establishing the circumstances in which the use of financial derivative instruments solely serves the purpose of hedging the risks inherent to the investments referred to in point (d) of paragraph 2.</Text></P1para></P1></P1group></BlockAmendment><AppendText>.</AppendText></P2para></P2></P1para></P1></P1group><P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I."><Title>Eligible investment assets14Article 10 (eligible investment assets) is amended as follows—afor “ELTIF” substitute “ LTIF ” in each place;bin point (d)—ifor “ELTIFs, EuVECAs” in both places substitute “ LTIFs, ELTIFs, RVECAs, EuVECAs, SEFs ”;iifor “ELTIFs” where it last appears substitute “ LTIFs and ELTIFs ”.Qualifying portfolio undertaking151In Article 11 (qualifying portfolio undertaking), paragraph 1 is amended as follows.2In point (b)—aafter “trading on a” in both places insert “ UK regulated market or an EU ”;bafter “or on a” in both places insert “ UK multilateral trading facility or an EU ”.3In point (c)—aafter “established in” insert “ the United Kingdom or ”;bfor the words from “home” to “marketed” substitute “ United Kingdom ”.Conflict of interest16In Article 12 (conflict of interest)—afor “ELTIF” substitute “ LTIF ” in both places;bfor “ELTIFs, EuSEFs” substitute “ LTIFs, ELTIFs, SEFs, EuSEFs, RVECAs ”.Portfolio composition and diversification171Article 13 (portfolio composition and diversification) is amended as follows.2In paragraph 1, for “ELTIF” substitute “ LTIF ”.3In paragraph 2—afor “An ELTIF” substitute “ An LTIF ”;bfor “ELTIF, EuVECA” substitute “ LTIF, ELTIF, RVECA, EuVECA, SEF ”.4In paragraph 3—afor “ELTIFs, EuVECAs and EuSEFs in an ELTIF” substitute “ LTIFs, ELTIFs, RVECAs, EuVECAs, SEFs and EuSEFs in an LTIF ”;bfor “the ELTIF” substitute “ the LTIF ”.5In paragraphs 4 and 5, for “ELTIF” substitute “ LTIF ” in each place.6In paragraph 6—afor “ELTIF” substitute “ LTIF ”;bafter “office” insert “ in the United Kingdom or ”.7In paragraph 7, for “Directive 2013/34/EU of the European Parliament and of the Council” substitute “ UK law which implemented Directive 2013/34/EU of the European Parliament and of the Council or any EU Regulation made under that Directive which is retained EU law ”.Rectification of investment positions18In Article 14 (rectification of investment positions), for “ELTIF” substitute “ LTIF ” in each place.Concentration19In Article 15 (concentration), in paragraph 1—afor “An ELTIF” substitute “ An LTIF ”;bfor “ELTIF, EuVECA” substitute “ LTIF, ELTIF, RVECA, EuVECA, SEF ”.Borrowing of cash20In Article 16 (borrowing of cash), for “ELTIF” substitute “ LTIF ” in each place.Application of portfolio composition and diversification rules21In Article 17 (application of portfolio composition and diversification rules), for “ELTIF” substitute “ LTIF ” in each place.Redemption, trading and issue of units or shares of an LTIF and distribution of proceeds and capital22In the heading to Chapter 3, for “ELTIF” substitute “ LTIF ”.Redemption policy and life of LTIFs231Article 18 (the heading to which becomes “ Redemption policy and life of LTIFs ”) is amended as follows.2In paragraph 1, for “ELTIF” substitute “ LTIF ” in each place.3In paragraph 2—afor “ELTIF” substitute “ LTIF ” in each place;bin point (b), for “competent authorities” substitute “ FCA ”.4In paragraph 3, for “ELTIF” substitute “ LTIF ” in each place.5In paragraph 4—afor “an ELTIF” substitute “ an LTIF ”;bfor “ELTIF's” substitute “LTIF's”.6In paragraph 6—afor “an ELTIF's” substitute “an LTIF's”;bfor “ELTIF” substitute “ LTIF ” in both places.7For paragraph 7, substitute—<P1><Pnumber>7</Pnumber><P1para><Text>The FCA may make technical standards specifying the circumstances in which the life of an LTIF is considered sufficient in length to cover the life-cycle of each of the individual assets of the LTIF, as referred to in paragraph 3.</Text></P1para></P1></P1group></BlockAmendment><AppendText>.</AppendText></P2para></P2></P1para></P1></P1group><P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I."><Title>Secondary market241Article 19 (secondary market) is amended as follows.2In paragraph 1—afor “ELTIF” substitute “ LTIF ” in both places;bafter “trading on a” insert “ UK regulated market or an EU ”;cafter “or on a” insert “ UK multilateral trading facility or an EU ”.3In paragraphs 2, 3 and 4, for “ELTIF” substitute “ LTIF ” in each place.Issuance of new units or shares25In Article 20 (issuance of new units or shares), for “ELTIF” substitute “ LTIF ” in each place.Disposal of LTIF assets261Article 21 (the heading to which becomes “ Disposal of LTIF assets ”) is amended as follows.2In paragraph 1, for “ELTIF” substitute “ LTIF ” in each place.3For paragraph 3 substitute—<P1><Pnumber>3</Pnumber><P1para><Text>The FCA may make technical standards specifying the criteria to be used for—</Text><P3><Pnumber>a</Pnumber><P3para><Text>the assessments in point (a) of paragraph 2; and</Text></P3para></P3><P3><Pnumber>b</Pnumber><P3para><Text>the valuation in point (c) of that paragraph.</Text></P3para></P3></P1para></P1></P1group></BlockAmendment><AppendText>.</AppendText></P2para></P2></P1para></P1></P1group><P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I."><Title>Distribution of proceeds and capital27In Article 22 (distribution of proceeds and capital), for “ELTIF” substitute “ LTIF ” in each place.Transparency281Article 23 (transparency) is amended as follows.2In paragraph 1—afor “ELTIF” substitute “ LTIF ” in both places;bfor “Union” substitute “ UK ” in both places.3In paragraph 3—ain point (a), for “ELTIF's” substitute “LTIF's”;bin point (b), for “Directive 2003/71/EC” substitute “ prospectus rules within the meaning of Part 6 of FSMA (official listing) contained in rules made by the FCA under section 73A of FSMA (Part 6 rules) ”;cin point (c), for “Article 23 of Directive 2011/61/EU” substitute “ section 3.2 of Chapter 3 of the Investment Funds sourcebook ”;din points (d) and (e), for “ELTIF” substitute “ LTIF ” in both places;ein point (f), for “competent authorities” substitute “ FCA ”.4In paragraph 4—afor “ELTIF” substitute “ LTIF ” in each place;bin point (a), for “ELTIF's” substitute “LTIF's”.5In paragraph 5—afor “Article 22 of Directive 2011/61/EU” substitute “ rules 3.3.2 to 3.3.7 of the Investment Funds sourcebook ”;bfor “ELTIF” substitute “ LTIF ” in each place;comit point (b).6In paragraph 6, for “ELTIF” substitute “ LTIF ” in both places.Additional requirements of the prospectus291Article 24 (additional requirements of the prospectus) is amended as follows.2In paragraph 1—afor “An ELTIF” substitute “ An LTIF ”;bfor “competent authorities of the ELTIF” substitute “ FCA ”;comit the second sentence;dfor “ELTIF within” substitute “ LTIF within ”;efor “these competent authorities” substitute “ the FCA ”.3In paragraph 2—afor “ELTIF” substitute “ LTIF ”;bomit “, in each Member State in which the units or shares are marketed,”.Cost disclosure301Article 25 (cost disclosure) is amended as follows.2In paragraphs 1 and 2, for “ELTIF” substitute “ LTIF ”.3For paragraph 3 substitute—<P1><Pnumber>3</Pnumber><P1para><Text>The FCA may make technical standards to specify the common definitions, calculation methodologies and presentation formats of the costs referred to in paragraph 1 and the overall ratio referred to in paragraph 2.</Text></P1para></P1></P1group><P1group Layout="below"><Title/><P1><Pnumber>4</Pnumber><P1para><Text>In making the technical standards, the FCA must take into account the technical standards referred to in points (a) and (c) of Article 8(5) of Regulation (EU) No 1286/2014, as amended from time to time.</Text></P1para></P1></P1group></BlockAmendment><AppendText>.</AppendText></P2para></P2></P1para></P1></P1group><P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I."><Title>Facilities available to investors311Article 26 (facilities available to investors) is amended as follows.2In paragraph 1—afor “ELTIF” substitute “ LTIF ” in each place;bomit “, in each Member State where it intends to market such units or shares,”.3For paragraph 2, substitute—<P1><Pnumber>2</Pnumber><P1para><Text>The FCA may make technical standards to specify the types and characteristics of the facilities referred to in paragraph 1, their technical infrastructure and the content of their tasks in respect of the retail investors.</Text></P1para></P1></P1group></BlockAmendment><AppendText>.</AppendText></P2para></P2></P1para></P1></P1group><P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I."><Title>Internal assessment process for LTIFs marketed to retail investors32In Article 27 (the heading to which becomes “ Internal assessment process for LTIFs marketed to retail investors ”), for “ELTIF” substitute “ LTIF ” in each place.Specific requirements concerning the distribution of LTIFs to retail investors33In Article 28 (the heading to which becomes “ Specific requirements concerning the distribution of LTIFs to retail investors ”), for “ELTIF” substitute “ LTIF ” in each place.Specific provisions concerning the depository of an LTIF marketed to retail investors341Article 29 (the heading to which becomes “ Specific provisions concerning the depository of an LTIF marketed to retail investors ”) is amended as follows.2For paragraph 1 substitute—<P1><Pnumber>1</Pnumber><P1para><Text>Notwithstanding the provisions in rule 3.11.10 of the Investment Funds sourcebook, the depositary of an LTIF marketed to retail investors must be an entity that satisfies the criteria referred to in rule 6.6A.8(1) to (3) of the Collective Investment Schemes sourcebook.</Text></P1para></P1></P1group><P1group Layout="below"><Title/><P1><Pnumber>1A</Pnumber><P1para><Text>The requirements of section 243(5) and (5A) and 261D(5) of FSMA and regulation 15(8)(a) of the Open-Ended Investment Companies Regulations 2001 <CommentaryRef Ref="c23595021"/>, as amended from time to time, do not apply to a qualifying EEA firm until the end of the period determined in accordance with regulation 17 (period during which regulation 8 or 11 is to apply) of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018.</Text></P1para></P1></P1group><P1group Layout="below"><Title/><P1><Pnumber>1B</Pnumber><P1para><Text>In paragraph 1A ‘qualifying EEA firm’ means a body corporate which—</Text><P3><Pnumber>a</Pnumber><P3para><Text>is the depositary of an LTIF;</Text></P3para></P3><P3><Pnumber>b</Pnumber><P3para><Text>is, by virtue of regulation 8 or 11 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018, treated as having a Part 4A permission relating to one or more regulated activity; and</Text></P3para></P3><P3><Pnumber>c</Pnumber><P3para><Text>had immediately before <Substitution ChangeId="key-48ce2a330046f8cd02de37957ca972b3-1619005288566" CommentaryRef="key-48ce2a330046f8cd02de37957ca972b3">IP completion day</Substitution>, and continues to have, a Part 4A permission to carry on the regulated activity specified in Article 51ZD of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.</Text></P3para></P3></P1para></P1></P1group></BlockAmendment><AppendText>.</AppendText></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/34/3" id="regulation-34-3"><Pnumber>3</Pnumber><P2para><Text>In paragraph 2, for the words from the beginning to “ELTIF” substitute <InlineAmendment>“ Notwithstanding regulations 30 and 32 of the AIFM Regulations, the depositary of an LTIF ”</InlineAmendment>.</Text></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/34/4" id="regulation-34-4"><Pnumber>4</Pnumber><P2para><Text>In paragraph 3—</Text><P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/4/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/34/4/a" id="regulation-34-4-a"><Pnumber>a</Pnumber><P3para><Text>for “Article 21(12) of Directive 2011/61/EU” substitute <InlineAmendment>“ regulation 30 of the AIFM Regulations ”</InlineAmendment>;</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/4/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/34/4/b" id="regulation-34-4-b"><Pnumber>b</Pnumber><P3para><Text>for “ELTIF” substitute <InlineAmendment>“ LTIF ”</InlineAmendment>.</Text></P3para></P3></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/5/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/34/5" id="regulation-34-5"><Pnumber>5</Pnumber><P2para><Text>In paragraph 5, for “ELTIF” substitute <InlineAmendment>“ LTIF ”</InlineAmendment> in each place.</Text></P2para></P2></P1para></P1></P1group><P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I."><Title>Additional requirements for marketing LTIFs to retail investors35Article 30 (the heading to which becomes “ Additional requirements for marketing LTIFs to retail investors ”) is amended as follows—ain paragraph 1, for “ELTIF” substitute “ LTIF ” in both places;bin paragraph 2—ifor “ELTIF” substitute “ LTIF ” in both places;iifor “points (a) and (b)(i) of Article 6(4) of Directive 2011/61/EU” substitute “ rule 1.4.3(3) and (4) of the Investment Funds sourcebook ”;cin paragraph 3—ifor “ELTIF” substitute “ LTIF ” in both places;iifor “ELTIFs” substitute “ LTIFs ” in each place;din paragraphs 4, 5 and 6, for “ELTIF” substitute “ LTIF ” in each place;ein paragraph 7—ifor “ELTIF” substitute “ LTIF ”;iiomit from “, which” to the end.Marketing of units or shares of LTIFs361Article 31 (the heading to which becomes “ Marketing of units or shares of LTIFs ”) is amended as follows.2For paragraph 1 substitute—<P1><Pnumber>1</Pnumber><P1para><Text>The manager of an LTIF may market the units or shares of that LTIF to professional and retail investors in the United Kingdom from the date on which the FCA approves the marketing under regulation 54 of the AIFM Regulations.</Text></P1para></P1></P1group></BlockAmendment><AppendText>.</AppendText></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/3" id="regulation-36-3"><Pnumber>3</Pnumber><P2para><Text>Omit paragraph 2.</Text></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/4" id="regulation-36-4"><Pnumber>4</Pnumber><P2para><Text>In paragraph 3—</Text><P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/4/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/4/a" id="regulation-36-4-a"><Pnumber>a</Pnumber><P3para><Text>for “ELTIF” substitute <InlineAmendment>“ LTIF ”</InlineAmendment> in each place;</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/4/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/4/b" id="regulation-36-4-b"><Pnumber>b</Pnumber><P3para><Text>for “competent authorities” substitute <InlineAmendment>“ the FCA ”</InlineAmendment>.</Text></P3para></P3></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/5/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/5" id="regulation-36-5"><Pnumber>5</Pnumber><P2para><Text>In paragraph 4—</Text><P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/5/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/5/a" id="regulation-36-5-a"><Pnumber>a</Pnumber><P3para><Text>for “Articles 31 and 32 of Directive 2011/61/EU” substitute <InlineAmendment>“ regulation 54 of the AIFM Regulations ”</InlineAmendment>;</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/5/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/5/b" id="regulation-36-5-b"><Pnumber>b</Pnumber><P3para><Text>for “ELTIF” substitute <InlineAmendment>“ LTIF ”</InlineAmendment> in each place;</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/5/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/5/c" id="regulation-36-5-c"><Pnumber>c</Pnumber><P3para><Text>for “competent authorities” substitute <InlineAmendment>“ the FCA ”</InlineAmendment>.</Text></P3para></P3></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/6/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/6" id="regulation-36-6"><Pnumber>6</Pnumber><P2para><Text>In paragraph 5—</Text><P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/6/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/6/a" id="regulation-36-6-a"><Pnumber>a</Pnumber><P3para><Text>for “competent authorities” substitute <InlineAmendment>“ FCA ”</InlineAmendment>;</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/6/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/6/b" id="regulation-36-6-b"><Pnumber>b</Pnumber><P3para><Text>for “Articles 31 and 32 of Directive 2011/61/EU” substitute <InlineAmendment>“ regulations 54 and 55 of the AIFM Regulations ”</InlineAmendment>;</Text></P3para></P3><P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/6/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/6/c" id="regulation-36-6-c"><Pnumber>c</Pnumber><P3para><Text>for “ELTIFs” substitute <InlineAmendment>“ LTIFs ”</InlineAmendment>.</Text></P3para></P3></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/7/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/7" id="regulation-36-7"><Pnumber>7</Pnumber><P2para><Text>For paragraph 6 substitute—</Text><BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default"><P1group Layout="below"><Title/><P1><Pnumber>6</Pnumber><P1para><Text>In addition to its powers set out in regulation 54(3) and (8) of the AIFM Regulations, the FCA must also prevent the marketing of an LTIF if the manager of the LTIF does not or will not comply with this Regulation.</Text></P1para></P1></P1group></BlockAmendment><AppendText>.</AppendText></P2para></P2><P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/8/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/8" id="regulation-36-8"><Pnumber>8</Pnumber><P2para><Text>Omit paragraph 7.</Text></P2para></P2></P1para></P1></P1group><P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I."><Title>Supervision by the FCA371Article 32 (the heading to which becomes “ Supervision by the FCA ”) is amended as follows.2In paragraph 1, for “competent authorities” substitute “ FCA ”.3In paragraphs 2 and 3, for “competent authority of the ELTIF” substitute “ FCA ”.4In paragraph 3, for “ELTIF,” substitute “ LTIF, ”.5In paragraph 4—afor “competent authority of the manager of the ELTIF” substitute “ FCA ” in both places;bfor “ELTIF” in the other places where it appears substitute “ LTIF ” in each case;cfor “ELTIFs” substitute “ LTIFs ”.6In paragraph 5—afor “Competent authorities” substitute “ The FCA ”;bfor “their territories” substitute “ the United Kingdom ”;cfor “designation ‘ELTIF’” substitute “designation ‘LTIF’”;dfor “an ELTIF” substitute “ an LTIF ”.Powers of the FCA381Article 33 (the heading to which becomes “ Powers of the FCA ”) is amended as follows.2In paragraph 1—afor “Competent authorities” substitute “ The FCA ”;bfor “their” substitute “ its ”.3In paragraph 2, for “competent authorities in accordance with Directive 2011/61/EU” substitute “ the FCA under the AIFM Regulations ”.4In paragraph 3—afor “competent authority of the ELTIF” substitute “ FCA ”;bfor “designation ‘ELTIF’ or ‘European long-term investment fund’” substitute “designation ‘LTIF’ or ‘long-term investment fund’”;cfor “ELTIF no” substitute “ LTIF no ”.Omission of Articles 34 to 3739Omit the following Articles—aArticle 34 (powers and competences of ESMA);bArticle 35 (cooperation between competent authorities);cArticle 36 (processing of applications by the Commission);dArticle 37 (review).Omission of words after Article 3840In the words after Article 38, omit “This Regulation shall be binding in its entirety and directly applicable in all Member States.”.Craig WhittakerPaul Maynard Two of the Lords Commissioners of Her Majesty's Treasury

(This note is not part of the Regulations)

These Regulations are made in exercise of the powers conferred by section 8(1) of the European Union (Withdrawal) Act 2018 (c. 16) in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (and in particular the deficiencies referred to in paragraphs (a), (b), (c) and (g) of section 8(2) of that Act).

These Regulations make amendments to legislation in the field of financial services. Part 2 amends the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115) to specify an additional EU Regulation for the purposes of Part 2 of S.I. 2018/1115. Part 3 amends Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds.

These Regulations refer to sourcebooks made by the Financial Conduct Authority under the Financial Services and Markets Act 2000 (c. 8). Sourcebooks made by the Financial Conduct Authority are available on , and copies of the rules referred to can be obtained from the Financial Conduct Authority, 12 Endeavour Square, London E20 1JN, where they are also available for inspection.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.

2018 c. 16.S.I. 2018/1115.OJ L 81, 23.3.2018, p. 1.S.I. 2013/1773.OJ L 123/98.2000 c. 8.OJ No L 115, 25.4.2013, p.1, as amended by Regulation (EU) No. 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds (OJ L 293, 10.11.2017).OJ No L 115, 25.4.2013, p.18, as amended by Regulation (EU) No. 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds (OJ L 293, 10.11.2017).OJ L 123/98.OJ L 123/98.S.I. 2001/1228.Reg. 1 in force at 21.2.2019, see reg. 1(2)Reg. 2 in force at 21.2.2019, see reg. 1(2)Reg. 3 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 4 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 5 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 6 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 7 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 8 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 9 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 10 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 11 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 12 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 13 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 14 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 15 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 16 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 17 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 18 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 19 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 20 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 21 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 22 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 23 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 24 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 25 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 26 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 27 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 28 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 29 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 30 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 31 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 32 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 33 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 34 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 35 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 36 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 37 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 38 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 39 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Reg. 40 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)Words in reg. 5(5) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 22(a)(i)Words in reg. 5(12) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 22(a)(ii)Words in reg. 7(2) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 22(b)(i)Words in reg. 7(3) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 22(b)(ii)Words in reg. 9(6) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 22(c)Words in reg. 34(2) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 22(d)Regulations modified (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)Words in reg. 8(2)(b) substituted (31.1.2020) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1010), regs. 1(3), 9; 2020 c. 1, Sch. 5 para. 1(1)Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)
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<atom:link rel="http://www.legislation.gov.uk/def/navigation/supersedes" href="http://www.legislation.gov.uk/id/ukdsi/2019/9780111177266" title="The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019"/>
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<ukm:Year Value="2019"/>
<ukm:Number Value="336"/>
<ukm:Made Date="2019-02-20"/>
<ukm:ISBN Value="9780111181881"/>
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<ukm:Supersedes URI="http://www.legislation.gov.uk/id/ukdsi/2019/9780111177266">
<dc:title>The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019</dc:title>
<ukm:DocumentMainType Value="UnitedKingdomDraftStatutoryInstrument"/>
<ukm:Year Value="2019"/>
<ukm:ISBN Value="9780111177266"/>
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<ukm:Notes>
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<ukm:Alternatives>
<ukm:Alternative URI="http://www.legislation.gov.uk/uksi/2019/336/pdfs/uksiem_20190336_en.pdf" Date="2019-02-21" Title="UK Explanatory Memorandum" Size="177323"/>
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<ukm:Alternative URI="http://www.legislation.gov.uk/uksi/2019/336/pdfs/uksi_20190336_en.pdf" Date="2019-02-22" Size="88089"/>
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<ukm:Statistics>
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<Secondary>
<SecondaryPrelims DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/introduction/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/introduction" RestrictEndDate="2023-08-29" RestrictStartDate="2023-07-11" RestrictExtent="E+W+S+N.I.">
<Number>2019 No. 336</Number>
<SubjectInformation>
<Subject>
<Title>Exiting The European Union</Title>
</Subject>
<Subject>
<Title>Financial Services</Title>
</Subject>
</SubjectInformation>
<Title>The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019</Title>
<MadeDate>
<Text>Made</Text>
<DateText>20th February 2019</DateText>
</MadeDate>
<ComingIntoForce>
<Text>Coming into force in accordance with regulation 1(2) and (3)</Text>
</ComingIntoForce>
<SecondaryPreamble>
<EnactingText>
<Para>
<Text>
<CommentaryRef Ref="c23594921"/>
The Treasury make these Regulations in exercise of the powers conferred by section 8(1) of, and paragraph 21(b) of Schedule 7 to, the European Union (Withdrawal) Act 2018 .
</Text>
</Para>
<Para>
<Text>
In accordance with paragraph 1(1) of Schedule 7 to that Act, a draft of this instrument has been laid before, and approved by a resolution of, each House of Parliament.
<CommentaryRef Ref="key-7c7911efb10605f44f8ad12a3bbd450c"/>
<CommentaryRef Ref="key-8f6c14d87dff94d85aaea6e28a15b453"/>
</Text>
</Para>
</EnactingText>
</SecondaryPreamble>
</SecondaryPrelims>
<Body DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/body/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/body" NumberOfProvisions="59" RestrictExtent="E+W+S+N.I." RestrictStartDate="2020-12-31">
<Part DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/part/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/part/1" NumberOfProvisions="1" RestrictEndDate="2023-08-29" id="part-1" RestrictStartDate="2019-02-21" RestrictExtent="E+W+S+N.I.">
<Number>
<Strong>PART 1</Strong>
</Number>
<Title>General</Title>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2019-02-21" RestrictExtent="E+W+S+N.I.">
<Title>Citation and commencement</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/1" id="regulation-1">
<Pnumber>
<CommentaryRef Ref="key-9c03c3c5d51fd8325ca8f4538d516e61"/>
1
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/1/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/1/1" id="regulation-1-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>These Regulations may be cited as the Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/1/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/1/2" id="regulation-1-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>This Part and Part 2 come into force on the day after the day on which these Regulations are made.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/1/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/1/3" id="regulation-1-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Part 3 comes into force on exit day.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Part>
<Part DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/part/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/part/2" NumberOfProvisions="2" RestrictEndDate="2023-08-29" id="part-2" RestrictStartDate="2019-02-21" RestrictExtent="E+W+S+N.I.">
<Number>
<Strong>PART 2</Strong>
</Number>
<Title>Amendment of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018</Title>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2019-02-21" RestrictExtent="E+W+S+N.I.">
<Title>Amendment of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/2" id="regulation-2">
<Pnumber>
<CommentaryRef Ref="key-24ac08ca0e13446417a88e4c0c4fef0b"/>
2
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/2/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/2/1" id="regulation-2-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018
<CommentaryRef Ref="c23594931"/>
are amended as follows.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/2/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/2/2" id="regulation-2-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In the Schedule, in Part 1 (EU Regulations for which the FCA is the appropriate regulator), after item 6 insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="schedule" Format="default">
<P1group>
<Title>European Long-Term Investment Funds Regulation</Title>
<P1>
<Pnumber>6A</Pnumber>
<P1para>
<Text>
Commission Delegated Regulation (EU) 2018/480 of 4 December 2017 supplementing Regulation (EU) 2015/760 of the European Parliament and of the Council with regard to regulatory technical standards on financial derivative instruments solely serving hedging purposes, sufficient length of the life of the European long-term investment funds, assessment criteria for the market for potential buyers and valuation of the assets to be divested, and the types and characteristics of the facilities available to retail investors 
<CommentaryRef Ref="c23594941"/>
.
</Text>
</P1para>
</P1>
</P1group>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Part>
<Part DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/part/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/part/3" NumberOfProvisions="56" RestrictEndDate="2023-08-29" id="part-3" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Number>
<Strong>PART 3</Strong>
</Number>
<Title>Amendment of Regulation (EU) 2015/760</Title>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Amendment of Regulation (EU) 2015/760</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/3" id="regulation-3">
<Pnumber>
<CommentaryRef Ref="key-fa3b0cd3575a9ebd3ea6f323763e7374"/>
3
</Pnumber>
<P1para>
<Text>Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds is amended as follows.</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Subject matter and objective</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/4" id="regulation-4">
<Pnumber>
<CommentaryRef Ref="key-00ef39f60b2462f58d536ff73512e3bc"/>
4
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/4/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/4/1" id="regulation-4-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Article 1 (subject matter and objective) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/4/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/4/2" id="regulation-4-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>For paragraph 1 substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>1</Pnumber>
<P1para>
<Text>This Regulation lays down rules on the authorisation, investment policies and operating conditions of UK alternative investment funds (UK AIFs) or compartments of UK AIFs that are marketed in the United Kingdom as long-term investment funds  (LTIFs).</Text>
</P1para>
</P1>
</P1group>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/4/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/4/3" id="regulation-4-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph 2—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/4/3/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/4/3/a" id="regulation-4-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
after “European” insert
<InlineAmendment>“ and UK ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/4/3/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/4/3/b" id="regulation-4-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>omit “Union”.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/4/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/4/4" id="regulation-4-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>Omit paragraph 3.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Definitions</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5" id="regulation-5">
<Pnumber>
<CommentaryRef Ref="key-d1b0256e52d52e1c7ffc0a6a68b15b07"/>
5
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/1" id="regulation-5-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Article 2 (definitions) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/2" id="regulation-5-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In point (2), for the words from “considered” to the end substitute
<InlineAmendment>“ a professional client as defined in point (8) of Article 2(1) of the markets in financial instruments regulation ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/3" id="regulation-5-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In point (6), omit “Union”.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/4" id="regulation-5-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>In point (7)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/4/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/4/a" id="regulation-5-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
in points (a), (b), (c), (d), (e), (f) and (g), at the end insert
<InlineAmendment>“ , as it forms part of EU law and as modified by EU law from time to time ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/4/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/4/b" id="regulation-5-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>after point (b) insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3>
<Pnumber>ba</Pnumber>
<P3para>
<Text>an investment firm as defined in Article 2(1A) of the markets in financial instruments regulation;</Text>
</P3para>
</P3>
</BlockAmendment>
<AppendText>;</AppendText>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/4/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/4/c" id="regulation-5-4-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>after point (c) insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3>
<Pnumber>ca</Pnumber>
<P3para>
<Text>an insurance undertaking as defined in section 417(1) of FSMA;</Text>
</P3para>
</P3>
</BlockAmendment>
<AppendText>;</AppendText>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/4/d/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/4/d" id="regulation-5-4-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>after point (d) insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3>
<Pnumber>da</Pnumber>
<P3para>
<Text>a financial holding company as defined in point (20) of Article 4(1) of Regulation (EU) No 575/2013, as it forms part of the law of the United Kingdom and as modified by domestic law from time to time;</Text>
</P3para>
</P3>
</BlockAmendment>
<AppendText>;</AppendText>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/4/e/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/4/e" id="regulation-5-4-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>after point (e) insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3>
<Pnumber>ea</Pnumber>
<P3para>
<Text>a mixed activity holding company as defined in point (22) of Article 4(1) of Regulation (EU) No 575/2013, as it forms part of the law of the United Kingdom and as modified by domestic law from time to time;</Text>
</P3para>
</P3>
</BlockAmendment>
<AppendText>;</AppendText>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/4/f/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/4/f" id="regulation-5-4-f">
<Pnumber>f</Pnumber>
<P3para>
<Text>after point (f) insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3>
<Pnumber>fa</Pnumber>
<P3para>
<Text>a management company as defined in section 237(2) of FSMA;</Text>
</P3para>
</P3>
</BlockAmendment>
<AppendText>;</AppendText>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/4/g/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/4/g" id="regulation-5-4-g">
<Pnumber>g</Pnumber>
<P3para>
<Text>after point (g) insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3>
<Pnumber>ga</Pnumber>
<P3para>
<Text>an AIFM as defined in regulation 4(1) of the AIFM Regulations.</Text>
</P3para>
</P3>
</BlockAmendment>
<AppendText>.</AppendText>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/5/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/5" id="regulation-5-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>After point (7) insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2>
<Pnumber>7A</Pnumber>
<P2para>
<Text>‘UK AIF’ has the meaning given in regulation 2(1) of the AIFM Regulations;</Text>
</P2para>
</P2>
<P2>
<Pnumber>7B</Pnumber>
<P2para>
<Text>‘UK AIFM’ has the meaning given in regulation 2(1) of the AIFM Regulations;</Text>
</P2para>
</P2>
<P2>
<Pnumber>7C</Pnumber>
<P2para>
<Text>
‘AIFM Regulations’ means the Alternative Investment Fund Managers Regulations 2013
<CommentaryRef Ref="c23594951"/>
, as amended from time to time;
</Text>
</P2para>
</P2>
<P2>
<Pnumber>7D</Pnumber>
<P2para>
<Text>‘Long-term Investment Fund (LTIF)’ means a UK AIF that—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>is authorised as an LTIF under Article 6 of this Regulation; or</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>
immediately before
<Substitution ChangeId="key-0a85f61df48ccbcccecbf3cbebb8ec93-1619003071784" CommentaryRef="key-0a85f61df48ccbcccecbf3cbebb8ec93">IP completion day</Substitution>
was authorised by the FCA as an ELTIF under Article 6 of Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds
<CommentaryRef Ref="c23594961"/>
, as that Regulation had effect immediately before
<Substitution ChangeId="key-0a85f61df48ccbcccecbf3cbebb8ec93-1619003142090" CommentaryRef="key-0a85f61df48ccbcccecbf3cbebb8ec93">IP completion day</Substitution>
;
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2>
<Pnumber>7E</Pnumber>
<P2para>
<Text>‘European Long-term Investment Fund (ELTIF)’ means an EU AIF that—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>is authorised as an ELTIF under Article 6 of Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds, as that Regulation has effect in EU law; or</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>
immediately before
<Substitution ChangeId="key-0a85f61df48ccbcccecbf3cbebb8ec93-1619003264559" CommentaryRef="key-0a85f61df48ccbcccecbf3cbebb8ec93">IP completion day</Substitution>
was authorised by a competent authority other than the FCA as an ELTIF under Article 6 of Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds, as that Regulation had effect immediately before
<Substitution ChangeId="key-0a85f61df48ccbcccecbf3cbebb8ec93-1619003294964" CommentaryRef="key-0a85f61df48ccbcccecbf3cbebb8ec93">IP completion day</Substitution>
;
</Text>
</P3para>
</P3>
</P2para>
</P2>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/6/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/6" id="regulation-5-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>Omit points (9) to (11).</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/7/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/7" id="regulation-5-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>In point (12), for the definition of ‘manager of the ELTIF’, substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2para>
<Text>‘manager of the LTIF’ means the UK AIFM approved by the FCA under Article 6 to manage the LTIF;</Text>
</P2para>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/8/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/8" id="regulation-5-8">
<Pnumber>8</Pnumber>
<P2para>
<Text>Omit point (13).</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/9/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/9" id="regulation-5-9">
<Pnumber>9</Pnumber>
<P2para>
<Text>For point (16) substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2>
<Pnumber>16</Pnumber>
<P2para>
<Text>‘financial instrument’ has the meaning given in Article 2(1) of the markets in financial instruments regulation;</Text>
</P2para>
</P2>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/10/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/10" id="regulation-5-10">
<Pnumber>10</Pnumber>
<P2para>
<Text>For point (18), substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2>
<Pnumber>18A</Pnumber>
<P2para>
<Text>‘UK regulated market’ has the meaning given in point (13A) of Article 2(1) of the markets in financial instruments regulation;</Text>
</P2para>
</P2>
<P2>
<Pnumber>18B</Pnumber>
<P2para>
<Text>‘EU regulated market’ has the meaning given in point (13B) of Article 2(1) of that Regulation;</Text>
</P2para>
</P2>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/11/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/11" id="regulation-5-11">
<Pnumber>11</Pnumber>
<P2para>
<Text>For point (19), substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2>
<Pnumber>19A</Pnumber>
<P2para>
<Text>‘UK multilateral trading facility’ has the meaning given in point (14A) of Article 2(1) of the markets in financial instruments regulation;</Text>
</P2para>
</P2>
<P2>
<Pnumber>19B</Pnumber>
<P2para>
<Text>‘EU multilateral trading facility’ has the meaning given in point (14B) of Article 2(1) of the markets in financial instruments regulation;</Text>
</P2para>
</P2>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/5/12/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/5/12" id="regulation-5-12">
<Pnumber>12</Pnumber>
<P2para>
<Text>At the end insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P2>
<Pnumber>20</Pnumber>
<P2para>
<Text>‘the FCA’ means the Financial Conduct Authority;</Text>
</P2para>
</P2>
<P2>
<Pnumber>21</Pnumber>
<P2para>
<Text>
‘FSMA’ means the Financial Services and Markets Act 2000
<CommentaryRef Ref="c23594971"/>
;
</Text>
</P2para>
</P2>
<P2>
<Pnumber>22</Pnumber>
<P2para>
<Text>‘the markets in financial instruments regulation’ means Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, as amended from time to time;</Text>
</P2para>
</P2>
<P2>
<Pnumber>23</Pnumber>
<P2para>
<Text>
‘European Venture Capital Fund (EuVECA)’ means a European venture capital fund registered under Article 14a of Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds
<CommentaryRef Ref="c23594981"/>
, as that Regulation has effect in EU law;
</Text>
</P2para>
</P2>
<P2>
<Pnumber>24</Pnumber>
<P2para>
<Text>‘Registered Venture Capital Fund (RVECA)’ means a venture capital fund which is registered by the FCA in accordance with Article 14a of Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds, as amended from time to time;</Text>
</P2para>
</P2>
<P2>
<Pnumber>25</Pnumber>
<P2para>
<Text>
‘European Social Entrepreneurship Fund (EuSEF)’ means a European social entrepreneurship fund registered under Article 15a of Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds
<CommentaryRef Ref="c23594991"/>
, as that Regulation has effect in EU law;
</Text>
</P2para>
</P2>
<P2>
<Pnumber>26</Pnumber>
<P2para>
<Text>‘Social Entrepreneurship Fund (SEF)’ means a social entrepreneurship fund which is registered by the FCA in accordance with Article 15a of Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds, as amended from time to time;</Text>
</P2para>
</P2>
<P2>
<Pnumber>27</Pnumber>
<P2para>
<Text>
Any reference in this Regulation to a sourcebook is a reference to a sourcebook made under FSMA by the FCA, as in force on
<Substitution ChangeId="key-3d115f5f584c2ebd4186454a2cd7031f-1619003792676" CommentaryRef="key-3d115f5f584c2ebd4186454a2cd7031f">IP completion day</Substitution>
.
</Text>
</P2para>
</P2>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Authorisation and central public register</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/6/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/6" id="regulation-6">
<Pnumber>
<CommentaryRef Ref="key-a12448ff09cf60a8d5c17841e358868b"/>
6
</Pnumber>
<P1para>
<Text>For paragraphs 1 to 3 of Article 3 (authorisation and central public register) substitute—</Text>
<BlockAmendment TargetClass="secondary" TargetSubClass="order" Context="main" Format="default">
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>1</Pnumber>
<P1para>
<Text>An LTIF may only be marketed in the United Kingdom if it is authorised in accordance with Article 6.</Text>
</P1para>
</P1>
</P1group>
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>2</Pnumber>
<P1para>
<Text>Only a UK AIF is eligible to apply for and to be granted authorisation as an LTIF.</Text>
</P1para>
</P1>
</P1group>
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>3</Pnumber>
<P1para>
<Text>The FCA may keep a central public register identifying—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>each LTIF authorised under Article 6 of this Regulation;</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>the manager of each LTIF; and</Text>
</P3para>
</P3>
<P3>
<Pnumber>c</Pnumber>
<P3para>
<Text>any LTIF whose authorisation is revoked under regulation 23C of the AIFM Regulations.</Text>
</P3para>
</P3>
</P1para>
</P1>
</P1group>
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>4</Pnumber>
<P1para>
<Text>A register kept under this Article must be made available in electronic format.</Text>
</P1para>
</P1>
</P1group>
</BlockAmendment>
<AppendText>.</AppendText>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Designation and prohibition on transformation</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/7/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/7" id="regulation-7">
<Pnumber>
<CommentaryRef Ref="key-36b8bfd66d7f2d665f051e4852dc4fa7"/>
7
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/7/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/7/1" id="regulation-7-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Article 4 (designation and prohibition on transformation) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/7/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/7/2" id="regulation-7-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>Before paragraph 1 insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>A1</Pnumber>
<P1para>
<Text>The designation ‘LTIF’ or ‘long-term investment fund’ in relation to a collective investment undertaking, or the units or shares it issues, may only be used where the collective investment undertaking—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>
immediately before
<Substitution ChangeId="key-13523e1f6eb76805615b48102f22e7f6-1619004295672" CommentaryRef="key-13523e1f6eb76805615b48102f22e7f6">IP completion day</Substitution>
, was authorised by the FCA in accordance with Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds, as that Regulation had effect immediately before
<Substitution ChangeId="key-13523e1f6eb76805615b48102f22e7f6-1619004336827" CommentaryRef="key-13523e1f6eb76805615b48102f22e7f6">IP completion day</Substitution>
; or
</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>has been authorised by the FCA in accordance with this Regulation.</Text>
</P3para>
</P3>
</P1para>
</P1>
</P1group>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/7/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/7/3" id="regulation-7-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph 1, for the words from “where” to the end substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P1para>
<Text>in the United Kingdom where the collective investment undertaking—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>is an ELTIF as defined in Article 2(7E); or</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>
immediately before
<Substitution ChangeId="key-c2d87a31f0949204440b0c94684c286e-1619004376193" CommentaryRef="key-c2d87a31f0949204440b0c94684c286e">IP completion day</Substitution>
, was authorised by the FCA in accordance with Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds
<CommentaryRef Ref="c23595001"/>
, as that Regulation had effect immediately before
<Substitution ChangeId="key-c2d87a31f0949204440b0c94684c286e-1619004401369" CommentaryRef="key-c2d87a31f0949204440b0c94684c286e">IP completion day</Substitution>
.
</Text>
</P3para>
</P3>
</P1para>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/7/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/7/4" id="regulation-7-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>
In paragraph 2, for “ELTIFs” substitute
<InlineAmendment>“ LTIFs ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Application for authorisation as an LTIF</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8" id="regulation-8">
<Pnumber>
<CommentaryRef Ref="key-67f33e7d774ba0b56c293e2ae406fada"/>
8
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/1" id="regulation-8-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
Article 5 (the heading to which becomes
<InlineAmendment>“ Application for authorisation as an LTIF ”</InlineAmendment>
) is amended as follows.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/2" id="regulation-8-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph 1—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/2/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/2/a" id="regulation-8-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “competent authority of the ELTIF” substitute
<InlineAmendment>“ FCA ”</InlineAmendment>
in both places;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/2/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/2/b" id="regulation-8-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for the other references to “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in
<Substitution ChangeId="key-9546e5ed82307afe97e9d9600df6941f-1619005534547" CommentaryRef="key-9546e5ed82307afe97e9d9600df6941f">each place</Substitution>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/3" id="regulation-8-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph 2—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/3/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/3/a" id="regulation-8-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “an EU AIFM authorised under Directive 2011/61/EU” substitute
<InlineAmendment>“ a UK AIFM ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/3/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/3/b" id="regulation-8-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “competent authority of the ELTIF” where it first appears substitute
<InlineAmendment>“ FCA ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/3/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/3/c" id="regulation-8-3-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
for “manage an ELTIF” substitute
<InlineAmendment>“ manage an LTIF ”</InlineAmendment>
in both places;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/3/d/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/3/d" id="regulation-8-3-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>omit the sentence beginning “In the event that”;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/3/e/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/3/e" id="regulation-8-3-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>
in point (b) for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/3/f/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/3/f" id="regulation-8-3-f">
<Pnumber>f</Pnumber>
<P3para>
<Text>
in point (c), for “EU AIFM” substitute
<InlineAmendment>“ UK AIFM ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/3/g/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/3/g" id="regulation-8-3-g">
<Pnumber>g</Pnumber>
<P3para>
<Text>omit the third subparagraph.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/4" id="regulation-8-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>In paragraph 3—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/4/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/4/a" id="regulation-8-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in both places;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/4/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/4/b" id="regulation-8-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “EU AIFM” substitute
<InlineAmendment>“ UK AIFM ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/5/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/5" id="regulation-8-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>
In paragraph 4, for “competent authority of the ELTIF” substitute
<InlineAmendment>“ FCA ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/6/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/6" id="regulation-8-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>In paragraph 5—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/6/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/6/a" id="regulation-8-6-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “an EU AIF” substitute
<InlineAmendment>“ a UK AIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/6/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/6/b" id="regulation-8-6-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/6/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/6/c" id="regulation-8-6-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
for “an AIFM under Directive 2011/61/EU” substitute
<InlineAmendment>“ a UK AIFM under the AIFM Regulations ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/6/d/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/6/d" id="regulation-8-6-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>
for “Article 7 of Directive 2011/61/EU” substitute
<InlineAmendment>“ Part 3A of the AIFM Regulations ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/8/6/e/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/8/6/e" id="regulation-8-6-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>
for “EU AIF shall” substitute
<InlineAmendment>“ UK AIF must ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Conditions for granting authorisation as an LTIF</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9" id="regulation-9">
<Pnumber>
<CommentaryRef Ref="key-14e3953eba18eb9cdc14d03994ab2e75"/>
9
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/1" id="regulation-9-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
Article 6 (the heading to which becomes
<InlineAmendment>“ Conditions for granting authorisation as an LTIF ”</InlineAmendment>
) is amended as follows.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/2" id="regulation-9-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph 1—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/2/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/2/a" id="regulation-9-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>in the words before point (a)—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/2/a/i/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/2/a/i" id="regulation-9-2-a-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>
for “An EU AIF” substitute
<InlineAmendment>“ A UK AIF ”</InlineAmendment>
;
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/2/a/ii/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/2/a/ii" id="regulation-9-2-a-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
;
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/2/a/iii/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/2/a/iii" id="regulation-9-2-a-iii">
<Pnumber>iii</Pnumber>
<P4para>
<Text>
for “its competent authority” substitute
<InlineAmendment>“ the FCA ”</InlineAmendment>
;
</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/2/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/2/b" id="regulation-9-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
in point (a), for “EU AIF” substitute
<InlineAmendment>“ UK AIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/2/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/2/c" id="regulation-9-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
in point (b), for “an EU AIFM authorised in accordance with Directive 2011/61/EU to manage the ELTIF” substitute
<InlineAmendment>“ a UK AIFM to manage the LTIF ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/3" id="regulation-9-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph 2—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/3/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/3/a" id="regulation-9-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “an EU AIF” substitute
<InlineAmendment>“ a UK AIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/3/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/3/b" id="regulation-9-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “competent authority” substitute
<InlineAmendment>“ FCA ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/3/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/3/c" id="regulation-9-3-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
for “the EU AIF” substitute
<InlineAmendment>“ the UK AIF ”</InlineAmendment>
in both places;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/3/d/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/3/d" id="regulation-9-3-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>
for “Directive 2011/61/EU” substitute
<InlineAmendment>“ the AIFM Regulations ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/3/e/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/3/e" id="regulation-9-3-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>
for “an EU AIFM” substitute
<InlineAmendment>“ a UK AIFM ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/4" id="regulation-9-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>In paragraph 3—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/4/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/4/a" id="regulation-9-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “The competent authority of the ELTIF” substitute
<InlineAmendment>“ The FCA ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/4/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/4/b" id="regulation-9-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “an EU AIFM” substitute
<InlineAmendment>“ a UK AIFM ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/4/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/4/c" id="regulation-9-4-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
for “an ELTIF” substitute
<InlineAmendment>“ an LTIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/4/d/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/4/d" id="regulation-9-4-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>
for “where the EU AIFM” substitute
<InlineAmendment>“ where the UK AIFM ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/4/e/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/4/e" id="regulation-9-4-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>
for “Directive 2011/61/EU” substitute
<InlineAmendment>“ the AIFM Regulations ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/4/f/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/4/f" id="regulation-9-4-f">
<Pnumber>f</Pnumber>
<P3para>
<Text>
for “its competent authority” substitute
<InlineAmendment>“ the FCA ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/4/g/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/4/g" id="regulation-9-4-g">
<Pnumber>g</Pnumber>
<P3para>
<Text>omit the final sentence.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/5/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/5" id="regulation-9-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>In paragraph 4—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/5/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/5/a" id="regulation-9-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “The competent authority of the ELTIF” substitute
<InlineAmendment>“ The FCA ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/5/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/5/b" id="regulation-9-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “an ELTIF” substitute
<InlineAmendment>“ an LTIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/5/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/5/c" id="regulation-9-5-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
for “EU AIF” substitute
<InlineAmendment>“ UK AIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/5/d/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/5/d" id="regulation-9-5-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>
for “its home Member State” substitute
<InlineAmendment>“ the United Kingdom ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/6/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/9/6" id="regulation-9-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>For paragraphs 5 to 7 substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>5</Pnumber>
<P1para>
<Text>
A UK AIF authorised by the FCA as an ELTIF before
<Substitution ChangeId="key-93eaa77f2e68694dddf2d1180fc0ece3-1619004911316" CommentaryRef="key-93eaa77f2e68694dddf2d1180fc0ece3">IP completion day</Substitution>
under Article 6 of Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds
<CommentaryRef Ref="c23595011"/>
(as that Regulation had effect immediately before
<Substitution ChangeId="key-93eaa77f2e68694dddf2d1180fc0ece3-1619004843174" CommentaryRef="key-93eaa77f2e68694dddf2d1180fc0ece3">IP completion day</Substitution>
) is taken to be authorised by the FCA as an LTIF under this Article.
</Text>
</P1para>
</P1>
</P1group>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Applicable rules and liability</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/10/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/10" id="regulation-10">
<Pnumber>
<CommentaryRef Ref="key-d825cb10432766626d6b61a43d7ca9bf"/>
10
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/10/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/10/1" id="regulation-10-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Article 7 (applicable rules and liability) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/10/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/10/2" id="regulation-10-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In paragraph 1, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/10/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/10/3" id="regulation-10-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraphs 2 and 3—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/10/3/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/10/3/a" id="regulation-10-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/10/3/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/10/3/b" id="regulation-10-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “Directive 2011/61/EU” substitute
<InlineAmendment>“ the AIFM Regulations, rules made by the FCA for the purpose of implementing Directive 2011/61/EU and any EU Regulation made under that Directive that forms part of retained EU law ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Obligations concerning the investment policies of LTIFs</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/11/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/11" id="regulation-11">
<Pnumber>
<CommentaryRef Ref="key-fddd16f896d881ed3c25643bf55208a3"/>
11
</Pnumber>
<P1para>
<Text>
In the heading to Chapter 2, for “ELTIFs” substitute
<InlineAmendment>“ LTIFs ”</InlineAmendment>
.
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Investment compartments</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/12/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/12" id="regulation-12">
<Pnumber>
<CommentaryRef Ref="key-e6db0c32d883638e5db5e42c5464c0f6"/>
12
</Pnumber>
<P1para>
<Text>
In Article 8 (investment compartments), for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in both places.
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Eligible investments</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/13/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/13" id="regulation-13">
<Pnumber>
<CommentaryRef Ref="key-138a496892fd51c1b96c093b72d12369"/>
13
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/13/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/13/1" id="regulation-13-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Article 9 (eligible investments) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/13/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/13/2" id="regulation-13-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph 1—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/13/2/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/13/2/a" id="regulation-13-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/13/2/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/13/2/b" id="regulation-13-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>after point (a) insert—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P3>
<Pnumber>aa</Pnumber>
<P3para>
<Text>assets permitted by section 2 of Chapter 5 of the Collective Investment Schemes sourcebook as if the LTIF were a UK UCITS as defined in section 237(3) of FSMA;</Text>
</P3para>
</P3>
</BlockAmendment>
<AppendText>.</AppendText>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/13/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/13/3" id="regulation-13-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
In paragraph 2, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/13/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/13/4" id="regulation-13-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>For paragraph 3 substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>3</Pnumber>
<P1para>
<Text>The FCA may make technical standards specifying criteria for establishing the circumstances in which the use of financial derivative instruments solely serves the purpose of hedging the risks inherent to the investments referred to in point (d) of paragraph 2.</Text>
</P1para>
</P1>
</P1group>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Eligible investment assets</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/14/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/14" id="regulation-14">
<Pnumber>
<CommentaryRef Ref="key-1376d100acd4cf3ea80846f6d5e9c651"/>
14
</Pnumber>
<P1para>
<Text>Article 10 (eligible investment assets) is amended as follows—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/14/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/14/a" id="regulation-14-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/14/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/14/b" id="regulation-14-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in point (d)—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/14/b/i/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/14/b/i" id="regulation-14-b-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>
for “ELTIFs, EuVECAs” in both places substitute
<InlineAmendment>“ LTIFs, ELTIFs, RVECAs, EuVECAs, SEFs ”</InlineAmendment>
;
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/14/b/ii/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/14/b/ii" id="regulation-14-b-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>
for “ELTIFs” where it last appears substitute
<InlineAmendment>“ LTIFs and ELTIFs ”</InlineAmendment>
.
</Text>
</P4para>
</P4>
</P3para>
</P3>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Qualifying portfolio undertaking</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/15/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/15" id="regulation-15">
<Pnumber>
<CommentaryRef Ref="key-ce1a9fbe6cc300bc1ba7c56d29a29039"/>
15
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/15/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/15/1" id="regulation-15-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>In Article 11 (qualifying portfolio undertaking), paragraph 1 is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/15/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/15/2" id="regulation-15-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In point (b)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/15/2/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/15/2/a" id="regulation-15-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
after “trading on a” in both places insert
<InlineAmendment>“ UK regulated market or an EU ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/15/2/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/15/2/b" id="regulation-15-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
after “or on a” in both places insert
<InlineAmendment>“ UK multilateral trading facility or an EU ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/15/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/15/3" id="regulation-15-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In point (c)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/15/3/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/15/3/a" id="regulation-15-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
after “established in” insert
<InlineAmendment>“ the United Kingdom or ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/15/3/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/15/3/b" id="regulation-15-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for the words from “home” to “marketed” substitute
<InlineAmendment>“ United Kingdom ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Conflict of interest</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/16/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/16" id="regulation-16">
<Pnumber>
<CommentaryRef Ref="key-a444d9658f953c1b0158523e6538251c"/>
16
</Pnumber>
<P1para>
<Text>In Article 12 (conflict of interest)—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/16/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/16/a" id="regulation-16-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in both places;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/16/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/16/b" id="regulation-16-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “ELTIFs, EuSEFs” substitute
<InlineAmendment>“ LTIFs, ELTIFs, SEFs, EuSEFs, RVECAs ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Portfolio composition and diversification</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17" id="regulation-17">
<Pnumber>
<CommentaryRef Ref="key-4ebf6170ff4eb89c74521a4971935c36"/>
17
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17/1" id="regulation-17-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Article 13 (portfolio composition and diversification) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17/2" id="regulation-17-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In paragraph 1, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17/3" id="regulation-17-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph 2—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/3/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17/3/a" id="regulation-17-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “An ELTIF” substitute
<InlineAmendment>“ An LTIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/3/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17/3/b" id="regulation-17-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “ELTIF, EuVECA” substitute
<InlineAmendment>“ LTIF, ELTIF, RVECA, EuVECA, SEF ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17/4" id="regulation-17-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>In paragraph 3—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/4/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17/4/a" id="regulation-17-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIFs, EuVECAs and EuSEFs in an ELTIF” substitute
<InlineAmendment>“ LTIFs, ELTIFs, RVECAs, EuVECAs, SEFs and EuSEFs in an LTIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/4/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17/4/b" id="regulation-17-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “the ELTIF” substitute
<InlineAmendment>“ the LTIF ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/5/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17/5" id="regulation-17-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>
In paragraphs 4 and 5, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/6/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17/6" id="regulation-17-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>In paragraph 6—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/6/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17/6/a" id="regulation-17-6-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/6/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17/6/b" id="regulation-17-6-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
after “office” insert
<InlineAmendment>“ in the United Kingdom or ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/17/7/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/17/7" id="regulation-17-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>
In paragraph 7, for “Directive 2013/34/EU of the European Parliament and of the Council” substitute
<InlineAmendment>“ UK law which implemented Directive 2013/34/EU of the European Parliament and of the Council or any EU Regulation made under that Directive which is retained EU law ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Rectification of investment positions</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/18/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/18" id="regulation-18">
<Pnumber>
<CommentaryRef Ref="key-d9b70ed20ad35598f1581f9a8e220186"/>
18
</Pnumber>
<P1para>
<Text>
In Article 14 (rectification of investment positions), for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Concentration</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/19/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/19" id="regulation-19">
<Pnumber>
<CommentaryRef Ref="key-f633bbd54f19f7113d55ab90ed4724ea"/>
19
</Pnumber>
<P1para>
<Text>In Article 15 (concentration), in paragraph 1—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/19/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/19/a" id="regulation-19-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “An ELTIF” substitute
<InlineAmendment>“ An LTIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/19/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/19/b" id="regulation-19-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “ELTIF, EuVECA” substitute
<InlineAmendment>“ LTIF, ELTIF, RVECA, EuVECA, SEF ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Borrowing of cash</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/20/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/20" id="regulation-20">
<Pnumber>
<CommentaryRef Ref="key-d1e0e2c2d68e22ea36a5d2ec64b772ed"/>
20
</Pnumber>
<P1para>
<Text>
In Article 16 (borrowing of cash), for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Application of portfolio composition and diversification rules</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/21/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/21" id="regulation-21">
<Pnumber>
<CommentaryRef Ref="key-55cef43e5d8e6c3349c1d396c2f28389"/>
21
</Pnumber>
<P1para>
<Text>
In Article 17 (application of portfolio composition and diversification rules), for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Redemption, trading and issue of units or shares of an LTIF and distribution of proceeds and capital</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/22/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/22" id="regulation-22">
<Pnumber>
<CommentaryRef Ref="key-0128aa306d9694e01c0023f51cfb2ff8"/>
22
</Pnumber>
<P1para>
<Text>
In the heading to Chapter 3, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
.
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Redemption policy and life of LTIFs</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23" id="regulation-23">
<Pnumber>
<CommentaryRef Ref="key-012631e5bcdc353cff043eea7dc3e900"/>
23
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23/1" id="regulation-23-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
Article 18 (the heading to which becomes
<InlineAmendment>“ Redemption policy and life of LTIFs ”</InlineAmendment>
) is amended as follows.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23/2" id="regulation-23-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In paragraph 1, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23/3" id="regulation-23-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph 2—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/3/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23/3/a" id="regulation-23-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/3/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23/3/b" id="regulation-23-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
in point (b), for “competent authorities” substitute
<InlineAmendment>“ FCA ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23/4" id="regulation-23-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>
In paragraph 3, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/5/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23/5" id="regulation-23-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>In paragraph 4—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/5/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23/5/a" id="regulation-23-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “an ELTIF” substitute
<InlineAmendment>“ an LTIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/5/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23/5/b" id="regulation-23-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>for “ELTIF's” substitute “LTIF's”.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/6/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23/6" id="regulation-23-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>In paragraph 6—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/6/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23/6/a" id="regulation-23-6-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>for “an ELTIF's” substitute “an LTIF's”;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/6/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23/6/b" id="regulation-23-6-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in both places.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/23/7/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/23/7" id="regulation-23-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>For paragraph 7, substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>7</Pnumber>
<P1para>
<Text>The FCA may make technical standards specifying the circumstances in which the life of an LTIF is considered sufficient in length to cover the life-cycle of each of the individual assets of the LTIF, as referred to in paragraph 3.</Text>
</P1para>
</P1>
</P1group>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Secondary market</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/24/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/24" id="regulation-24">
<Pnumber>
<CommentaryRef Ref="key-413f8882e06f602093664e0df4053aed"/>
24
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/24/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/24/1" id="regulation-24-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Article 19 (secondary market) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/24/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/24/2" id="regulation-24-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph 1—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/24/2/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/24/2/a" id="regulation-24-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in both places;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/24/2/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/24/2/b" id="regulation-24-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
after “trading on a” insert
<InlineAmendment>“ UK regulated market or an EU ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/24/2/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/24/2/c" id="regulation-24-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
after “or on a” insert
<InlineAmendment>“ UK multilateral trading facility or an EU ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/24/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/24/3" id="regulation-24-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
In paragraphs 2, 3 and 4, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Issuance of new units or shares</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/25/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/25" id="regulation-25">
<Pnumber>
<CommentaryRef Ref="key-4d53625879a6b251da74aec88a3b9e66"/>
25
</Pnumber>
<P1para>
<Text>
In Article 20 (issuance of new units or shares), for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Disposal of LTIF assets</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/26/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/26" id="regulation-26">
<Pnumber>
<CommentaryRef Ref="key-c95bff2061a2499d2e35612102f31d13"/>
26
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/26/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/26/1" id="regulation-26-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
Article 21 (the heading to which becomes
<InlineAmendment>“ Disposal of LTIF assets ”</InlineAmendment>
) is amended as follows.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/26/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/26/2" id="regulation-26-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In paragraph 1, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/26/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/26/3" id="regulation-26-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>For paragraph 3 substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>3</Pnumber>
<P1para>
<Text>The FCA may make technical standards specifying the criteria to be used for—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>the assessments in point (a) of paragraph 2; and</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>the valuation in point (c) of that paragraph.</Text>
</P3para>
</P3>
</P1para>
</P1>
</P1group>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Distribution of proceeds and capital</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/27/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/27" id="regulation-27">
<Pnumber>
<CommentaryRef Ref="key-2e6e0785ab3ab8396a378475f5a5b26f"/>
27
</Pnumber>
<P1para>
<Text>
In Article 22 (distribution of proceeds and capital), for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Transparency</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28" id="regulation-28">
<Pnumber>
<CommentaryRef Ref="key-c0bc22b27ccb0a44872dbde40b61544b"/>
28
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/1" id="regulation-28-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Article 23 (transparency) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/2" id="regulation-28-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph 1—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/2/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/2/a" id="regulation-28-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in both places;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/2/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/2/b" id="regulation-28-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “Union” substitute
<InlineAmendment>“ UK ”</InlineAmendment>
in both places.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/3" id="regulation-28-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph 3—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/3/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/3/a" id="regulation-28-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>in point (a), for “ELTIF's” substitute “LTIF's”;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/3/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/3/b" id="regulation-28-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
in point (b), for “Directive
<Citation URI="http://www.legislation.gov.uk/id/eudr/2003/71" id="c00001" Class="EuropeanUnionDirective" Year="2003" Number="71">2003/71/EC</Citation>
” substitute
<InlineAmendment>“ prospectus rules within the meaning of Part 6 of FSMA (official listing) contained in rules made by the FCA under section 73A of FSMA (Part 6 rules) ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/3/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/3/c" id="regulation-28-3-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
in point (c), for “Article 23 of Directive 2011/61/EU” substitute
<InlineAmendment>“ section 3.2 of Chapter 3 of the Investment Funds sourcebook ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/3/d/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/3/d" id="regulation-28-3-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>
in points (d) and (e), for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in both places;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/3/e/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/3/e" id="regulation-28-3-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>
in point (f), for “competent authorities” substitute
<InlineAmendment>“ FCA ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/4" id="regulation-28-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>In paragraph 4—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/4/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/4/a" id="regulation-28-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/4/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/4/b" id="regulation-28-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in point (a), for “ELTIF's” substitute “LTIF's”.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/5/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/5" id="regulation-28-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>In paragraph 5—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/5/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/5/a" id="regulation-28-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “Article 22 of Directive 2011/61/EU” substitute
<InlineAmendment>“ rules 3.3.2 to 3.3.7 of the Investment Funds sourcebook ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/5/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/5/b" id="regulation-28-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/5/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/5/c" id="regulation-28-5-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>omit point (b).</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/6/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/28/6" id="regulation-28-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>
In paragraph 6, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in both places.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Additional requirements of the prospectus</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/29/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/29" id="regulation-29">
<Pnumber>
<CommentaryRef Ref="key-e714415c2c77d79e275d109f59757ff4"/>
29
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/29/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/29/1" id="regulation-29-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Article 24 (additional requirements of the prospectus) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/29/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/29/2" id="regulation-29-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph 1—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/29/2/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/29/2/a" id="regulation-29-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “An ELTIF” substitute
<InlineAmendment>“ An LTIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/29/2/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/29/2/b" id="regulation-29-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “competent authorities of the ELTIF” substitute
<InlineAmendment>“ FCA ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/29/2/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/29/2/c" id="regulation-29-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>omit the second sentence;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/29/2/d/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/29/2/d" id="regulation-29-2-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>
for “ELTIF within” substitute
<InlineAmendment>“ LTIF within ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/29/2/e/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/29/2/e" id="regulation-29-2-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>
for “these competent authorities” substitute
<InlineAmendment>“ the FCA ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/29/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/29/3" id="regulation-29-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>In paragraph 2—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/29/3/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/29/3/a" id="regulation-29-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/29/3/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/29/3/b" id="regulation-29-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>omit “, in each Member State in which the units or shares are marketed,”.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Cost disclosure</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/30/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/30" id="regulation-30">
<Pnumber>
<CommentaryRef Ref="key-79f3b5ca2bde721b3fec20e4c1198114"/>
30
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/30/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/30/1" id="regulation-30-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Article 25 (cost disclosure) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/30/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/30/2" id="regulation-30-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In paragraphs 1 and 2, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/30/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/30/3" id="regulation-30-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>For paragraph 3 substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>3</Pnumber>
<P1para>
<Text>The FCA may make technical standards to specify the common definitions, calculation methodologies and presentation formats of the costs referred to in paragraph 1 and the overall ratio referred to in paragraph 2.</Text>
</P1para>
</P1>
</P1group>
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>4</Pnumber>
<P1para>
<Text>In making the technical standards, the FCA must take into account the technical standards referred to in points (a) and (c) of Article 8(5) of Regulation (EU) No 1286/2014, as amended from time to time.</Text>
</P1para>
</P1>
</P1group>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Facilities available to investors</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/31/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/31" id="regulation-31">
<Pnumber>
<CommentaryRef Ref="key-41cc7e96930af39ee0d15e038983b746"/>
31
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/31/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/31/1" id="regulation-31-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>Article 26 (facilities available to investors) is amended as follows.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/31/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/31/2" id="regulation-31-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph 1—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/31/2/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/31/2/a" id="regulation-31-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/31/2/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/31/2/b" id="regulation-31-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>omit “, in each Member State where it intends to market such units or shares,”.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/31/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/31/3" id="regulation-31-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>For paragraph 2, substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>2</Pnumber>
<P1para>
<Text>The FCA may make technical standards to specify the types and characteristics of the facilities referred to in paragraph 1, their technical infrastructure and the content of their tasks in respect of the retail investors.</Text>
</P1para>
</P1>
</P1group>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Internal assessment process for LTIFs marketed to retail investors</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/32/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/32" id="regulation-32">
<Pnumber>
<CommentaryRef Ref="key-fc67c067c3b7212015251419bda02043"/>
32
</Pnumber>
<P1para>
<Text>
In Article 27 (the heading to which becomes
<InlineAmendment>“ Internal assessment process for LTIFs marketed to retail investors ”</InlineAmendment>
), for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Specific requirements concerning the distribution of LTIFs to retail investors</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/33/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/33" id="regulation-33">
<Pnumber>
<CommentaryRef Ref="key-49aa4b9ab7e172ed522bd2fab300dc86"/>
33
</Pnumber>
<P1para>
<Text>
In Article 28 (the heading to which becomes
<InlineAmendment>“ Specific requirements concerning the distribution of LTIFs to retail investors ”</InlineAmendment>
), for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Specific provisions concerning the depository of an LTIF marketed to retail investors</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/34" id="regulation-34">
<Pnumber>
<CommentaryRef Ref="key-cb803591401246b5e3470ca68b810def"/>
34
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/34/1" id="regulation-34-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
Article 29 (the heading to which becomes
<InlineAmendment>“ Specific provisions concerning the depository of an LTIF marketed to retail investors ”</InlineAmendment>
) is amended as follows.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/34/2" id="regulation-34-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>For paragraph 1 substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>1</Pnumber>
<P1para>
<Text>Notwithstanding the provisions in rule 3.11.10 of the Investment Funds sourcebook, the depositary of an LTIF marketed to retail investors must be an entity that satisfies the criteria referred to in rule 6.6A.8(1) to (3) of the Collective Investment Schemes sourcebook.</Text>
</P1para>
</P1>
</P1group>
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>1A</Pnumber>
<P1para>
<Text>
The requirements of section 243(5) and (5A) and 261D(5) of FSMA and regulation 15(8)(a) of the Open-Ended Investment Companies Regulations 2001
<CommentaryRef Ref="c23595021"/>
, as amended from time to time, do not apply to a qualifying EEA firm until the end of the period determined in accordance with regulation 17 (period during which regulation 8 or 11 is to apply) of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018.
</Text>
</P1para>
</P1>
</P1group>
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>1B</Pnumber>
<P1para>
<Text>In paragraph 1A ‘qualifying EEA firm’ means a body corporate which—</Text>
<P3>
<Pnumber>a</Pnumber>
<P3para>
<Text>is the depositary of an LTIF;</Text>
</P3para>
</P3>
<P3>
<Pnumber>b</Pnumber>
<P3para>
<Text>is, by virtue of regulation 8 or 11 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018, treated as having a Part 4A permission relating to one or more regulated activity; and</Text>
</P3para>
</P3>
<P3>
<Pnumber>c</Pnumber>
<P3para>
<Text>
had immediately before
<Substitution ChangeId="key-48ce2a330046f8cd02de37957ca972b3-1619005288566" CommentaryRef="key-48ce2a330046f8cd02de37957ca972b3">IP completion day</Substitution>
, and continues to have, a Part 4A permission to carry on the regulated activity specified in Article 51ZD of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.
</Text>
</P3para>
</P3>
</P1para>
</P1>
</P1group>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/34/3" id="regulation-34-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
In paragraph 2, for the words from the beginning to “ELTIF” substitute
<InlineAmendment>“ Notwithstanding regulations 30 and 32 of the AIFM Regulations, the depositary of an LTIF ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/34/4" id="regulation-34-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>In paragraph 3—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/4/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/34/4/a" id="regulation-34-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “Article 21(12) of Directive 2011/61/EU” substitute
<InlineAmendment>“ regulation 30 of the AIFM Regulations ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/4/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/34/4/b" id="regulation-34-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/5/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/34/5" id="regulation-34-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>
In paragraph 5, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place.
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Additional requirements for marketing LTIFs to retail investors</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/35/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/35" id="regulation-35">
<Pnumber>
<CommentaryRef Ref="key-1ae6d5c1018c47283ac3668d73a631af"/>
35
</Pnumber>
<P1para>
<Text>
Article 30 (the heading to which becomes
<InlineAmendment>“ Additional requirements for marketing LTIFs to retail investors ”</InlineAmendment>
) is amended as follows—
</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/35/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/35/a" id="regulation-35-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
in paragraph 1, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in both places;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/35/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/35/b" id="regulation-35-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>in paragraph 2—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/35/b/i/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/35/b/i" id="regulation-35-b-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in both places;
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/35/b/ii/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/35/b/ii" id="regulation-35-b-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>
for “points (a) and (b)(i) of Article 6(4) of Directive 2011/61/EU” substitute
<InlineAmendment>“ rule 1.4.3(3) and (4) of the Investment Funds sourcebook ”</InlineAmendment>
;
</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/35/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/35/c" id="regulation-35-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>in paragraph 3—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/35/c/i/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/35/c/i" id="regulation-35-c-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in both places;
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/35/c/ii/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/35/c/ii" id="regulation-35-c-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>
for “ELTIFs” substitute
<InlineAmendment>“ LTIFs ”</InlineAmendment>
in each place;
</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/35/d/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/35/d" id="regulation-35-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>
in paragraphs 4, 5 and 6, for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/35/e/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/35/e" id="regulation-35-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>in paragraph 7—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/35/e/i/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/35/e/i" id="regulation-35-e-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
;
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/35/e/ii/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/35/e/ii" id="regulation-35-e-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>omit from “, which” to the end.</Text>
</P4para>
</P4>
</P3para>
</P3>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Marketing of units or shares of LTIFs</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36" id="regulation-36">
<Pnumber>
<CommentaryRef Ref="key-21341c0f569a3072847585c49064f3ba"/>
36
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/1" id="regulation-36-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
Article 31 (the heading to which becomes
<InlineAmendment>“ Marketing of units or shares of LTIFs ”</InlineAmendment>
) is amended as follows.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/2" id="regulation-36-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>For paragraph 1 substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>1</Pnumber>
<P1para>
<Text>The manager of an LTIF may market the units or shares of that LTIF to professional and retail investors in the United Kingdom from the date on which the FCA approves the marketing under regulation 54 of the AIFM Regulations.</Text>
</P1para>
</P1>
</P1group>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/3" id="regulation-36-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Omit paragraph 2.</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/4" id="regulation-36-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>In paragraph 3—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/4/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/4/a" id="regulation-36-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/4/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/4/b" id="regulation-36-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “competent authorities” substitute
<InlineAmendment>“ the FCA ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/5/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/5" id="regulation-36-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>In paragraph 4—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/5/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/5/a" id="regulation-36-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “Articles 31 and 32 of Directive 2011/61/EU” substitute
<InlineAmendment>“ regulation 54 of the AIFM Regulations ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/5/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/5/b" id="regulation-36-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “ELTIF” substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each place;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/5/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/5/c" id="regulation-36-5-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
for “competent authorities” substitute
<InlineAmendment>“ the FCA ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/6/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/6" id="regulation-36-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>In paragraph 5—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/6/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/6/a" id="regulation-36-6-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “competent authorities” substitute
<InlineAmendment>“ FCA ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/6/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/6/b" id="regulation-36-6-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “Articles 31 and 32 of Directive 2011/61/EU” substitute
<InlineAmendment>“ regulations 54 and 55 of the AIFM Regulations ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/6/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/6/c" id="regulation-36-6-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
for “ELTIFs” substitute
<InlineAmendment>“ LTIFs ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/7/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/7" id="regulation-36-7">
<Pnumber>7</Pnumber>
<P2para>
<Text>For paragraph 6 substitute—</Text>
<BlockAmendment TargetClass="unknown" TargetSubClass="unknown" Context="unknown" Format="default">
<P1group Layout="below">
<Title/>
<P1>
<Pnumber>6</Pnumber>
<P1para>
<Text>In addition to its powers set out in regulation 54(3) and (8) of the AIFM Regulations, the FCA must also prevent the marketing of an LTIF if the manager of the LTIF does not or will not comply with this Regulation.</Text>
</P1para>
</P1>
</P1group>
</BlockAmendment>
<AppendText>.</AppendText>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/8/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/36/8" id="regulation-36-8">
<Pnumber>8</Pnumber>
<P2para>
<Text>Omit paragraph 7.</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Supervision by the FCA</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37" id="regulation-37">
<Pnumber>
<CommentaryRef Ref="key-ecf9a81c0aaccabdcc4c07a1ac25b2e2"/>
37
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37/1" id="regulation-37-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
Article 32 (the heading to which becomes
<InlineAmendment>“ Supervision by the FCA ”</InlineAmendment>
) is amended as follows.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37/2" id="regulation-37-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>
In paragraph 1, for “competent authorities” substitute
<InlineAmendment>“ FCA ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37/3" id="regulation-37-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
In paragraphs 2 and 3, for “competent authority of the ELTIF” substitute
<InlineAmendment>“ FCA ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37/4" id="regulation-37-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>
In paragraph 3, for “ELTIF,” substitute
<InlineAmendment>“ LTIF, ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/5/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37/5" id="regulation-37-5">
<Pnumber>5</Pnumber>
<P2para>
<Text>In paragraph 4—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/5/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37/5/a" id="regulation-37-5-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “competent authority of the manager of the ELTIF” substitute
<InlineAmendment>“ FCA ”</InlineAmendment>
in both places;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/5/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37/5/b" id="regulation-37-5-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “ELTIF” in the other places where it appears substitute
<InlineAmendment>“ LTIF ”</InlineAmendment>
in each case;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/5/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37/5/c" id="regulation-37-5-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
for “ELTIFs” substitute
<InlineAmendment>“ LTIFs ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/6/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37/6" id="regulation-37-6">
<Pnumber>6</Pnumber>
<P2para>
<Text>In paragraph 5—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/6/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37/6/a" id="regulation-37-6-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “Competent authorities” substitute
<InlineAmendment>“ The FCA ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/6/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37/6/b" id="regulation-37-6-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “their territories” substitute
<InlineAmendment>“ the United Kingdom ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/6/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37/6/c" id="regulation-37-6-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>for “designation ‘ELTIF’” substitute “designation ‘LTIF’”;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/6/d/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/37/6/d" id="regulation-37-6-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>
for “an ELTIF” substitute
<InlineAmendment>“ an LTIF ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Powers of the FCA</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/38/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/38" id="regulation-38">
<Pnumber>
<CommentaryRef Ref="key-71883bd005da69736c007f2a548114fb"/>
38
</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/38/1/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/38/1" id="regulation-38-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>
Article 33 (the heading to which becomes
<InlineAmendment>“ Powers of the FCA ”</InlineAmendment>
) is amended as follows.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/38/2/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/38/2" id="regulation-38-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>In paragraph 1—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/38/2/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/38/2/a" id="regulation-38-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “Competent authorities” substitute
<InlineAmendment>“ The FCA ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/38/2/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/38/2/b" id="regulation-38-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
for “their” substitute
<InlineAmendment>“ its ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/38/3/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/38/3" id="regulation-38-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>
In paragraph 2, for “competent authorities in accordance with Directive 2011/61/EU” substitute
<InlineAmendment>“ the FCA under the AIFM Regulations ”</InlineAmendment>
.
</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/38/4/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/38/4" id="regulation-38-4">
<Pnumber>4</Pnumber>
<P2para>
<Text>In paragraph 3—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/38/4/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/38/4/a" id="regulation-38-4-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
for “competent authority of the ELTIF” substitute
<InlineAmendment>“ FCA ”</InlineAmendment>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/38/4/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/38/4/b" id="regulation-38-4-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>for “designation ‘ELTIF’ or ‘European long-term investment fund’” substitute “designation ‘LTIF’ or ‘long-term investment fund’”;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/38/4/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/38/4/c" id="regulation-38-4-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>
for “ELTIF no” substitute
<InlineAmendment>“ LTIF no ”</InlineAmendment>
.
</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Omission of Articles 34 to 37</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/39/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/39" id="regulation-39">
<Pnumber>
<CommentaryRef Ref="key-5f1c0c8da0303b3370d21dc7c5b7c413"/>
39
</Pnumber>
<P1para>
<Text>Omit the following Articles—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/39/a/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/39/a" id="regulation-39-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>Article 34 (powers and competences of ESMA);</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/39/b/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/39/b" id="regulation-39-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>Article 35 (cooperation between competent authorities);</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/39/c/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/39/c" id="regulation-39-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>Article 36 (processing of applications by the Commission);</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/39/d/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/39/d" id="regulation-39-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>Article 37 (review).</Text>
</P3para>
</P3>
</P1para>
</P1>
</P1group>
<P1group RestrictEndDate="2023-08-29" RestrictStartDate="2020-12-31" RestrictExtent="E+W+S+N.I.">
<Title>Omission of words after Article 38</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/regulation/40/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/regulation/40" id="regulation-40">
<Pnumber>
<CommentaryRef Ref="key-2d5e60d65241fa2924075de240f37991"/>
40
</Pnumber>
<P1para>
<Text>In the words after Article 38, omit “This Regulation shall be binding in its entirety and directly applicable in all Member States.”.</Text>
</P1para>
</P1>
</P1group>
</Part>
<SignedSection DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/signature/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/signature" RestrictEndDate="2023-08-29" RestrictStartDate="2019-02-21" RestrictExtent="E+W+S+N.I.">
<Signatory>
<Signee>
<PersonName>Craig Whittaker</PersonName>
<PersonName>Paul Maynard</PersonName>
<JobTitle> Two of the Lords Commissioners of Her Majesty's Treasury</JobTitle>
<DateSigned Date="2019-02-20">
<DateText/>
</DateSigned>
</Signee>
</Signatory>
</SignedSection>
</Body>
<ExplanatoryNotes DocumentURI="http://www.legislation.gov.uk/uksi/2019/336/note/2023-07-11" IdURI="http://www.legislation.gov.uk/id/uksi/2019/336/note" RestrictEndDate="2023-08-29" RestrictStartDate="2019-02-21" RestrictExtent="E+W+S+N.I.">
<P>
<Text>
<Emphasis>(This note is not part of the Regulations)</Emphasis>
</Text>
</P>
<P>
<BlockText>
<Para>
<Text>These Regulations are made in exercise of the powers conferred by section 8(1) of the European Union (Withdrawal) Act 2018 (c. 16) in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (and in particular the deficiencies referred to in paragraphs (a), (b), (c) and (g) of section 8(2) of that Act).</Text>
</Para>
</BlockText>
</P>
<P>
<BlockText>
<Para>
<Text>These Regulations make amendments to legislation in the field of financial services. Part 2 amends the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115) to specify an additional EU Regulation for the purposes of Part 2 of S.I. 2018/1115. Part 3 amends Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds.</Text>
</Para>
</BlockText>
</P>
<P>
<BlockText>
<Para>
<Text>These Regulations refer to sourcebooks made by the Financial Conduct Authority under the Financial Services and Markets Act 2000 (c. 8). Sourcebooks made by the Financial Conduct Authority are available on , and copies of the rules referred to can be obtained from the Financial Conduct Authority, 12 Endeavour Square, London E20 1JN, where they are also available for inspection.</Text>
</Para>
</BlockText>
</P>
<P>
<BlockText>
<Para>
<Text>A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.</Text>
</Para>
</BlockText>
</P>
</ExplanatoryNotes>
</Secondary>
<Commentaries>
<Commentary id="c23594921" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2018/16" id="c00002" Year="2018" Class="UnitedKingdomPublicGeneralAct" Number="16">2018 c. 16</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c23594931" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/uksi/2018/1115" id="c00003" Class="UnitedKingdomStatutoryInstrument" Year="2018" Number="1115">S.I. 2018/1115</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c23594941" Type="M">
<Para>
<Text>OJ L 81, 23.3.2018, p. 1.</Text>
</Para>
</Commentary>
<Commentary id="c23594951" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/uksi/2013/1773" id="c00004" Class="UnitedKingdomStatutoryInstrument" Year="2013" Number="1773">S.I. 2013/1773</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c23594961" Type="M">
<Para>
<Text>OJ L 123/98.</Text>
</Para>
</Commentary>
<Commentary id="c23594971" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2000/8" id="c00005" Year="2000" Class="UnitedKingdomPublicGeneralAct" Number="8">2000 c. 8</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c23594981" Type="M">
<Para>
<Text>OJ No L 115, 25.4.2013, p.1, as amended by Regulation (EU) No. 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds (OJ L 293, 10.11.2017).</Text>
</Para>
</Commentary>
<Commentary id="c23594991" Type="M">
<Para>
<Text>OJ No L 115, 25.4.2013, p.18, as amended by Regulation (EU) No. 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds (OJ L 293, 10.11.2017).</Text>
</Para>
</Commentary>
<Commentary id="c23595001" Type="M">
<Para>
<Text>OJ L 123/98.</Text>
</Para>
</Commentary>
<Commentary id="c23595011" Type="M">
<Para>
<Text>OJ L 123/98.</Text>
</Para>
</Commentary>
<Commentary id="c23595021" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/uksi/2001/1228" id="c00006" Class="UnitedKingdomStatutoryInstrument" Year="2001" Number="1228">S.I. 2001/1228</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-9c03c3c5d51fd8325ca8f4538d516e61">
<Para>
<Text>Reg. 1 in force at 21.2.2019, see reg. 1(2)</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-24ac08ca0e13446417a88e4c0c4fef0b">
<Para>
<Text>Reg. 2 in force at 21.2.2019, see reg. 1(2)</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-fa3b0cd3575a9ebd3ea6f323763e7374">
<Para>
<Text>
Reg. 3 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d48e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00012" CitationRef="d48e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00013" CitationRef="d48e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-00ef39f60b2462f58d536ff73512e3bc">
<Para>
<Text>
Reg. 4 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d64e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00016" CitationRef="d64e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00017" CitationRef="d64e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-d1b0256e52d52e1c7ffc0a6a68b15b07">
<Para>
<Text>
Reg. 5 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d21e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00005" CitationRef="d21e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00006" CitationRef="d21e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-a12448ff09cf60a8d5c17841e358868b">
<Para>
<Text>
Reg. 6 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d80e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00023" CitationRef="d80e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00024" CitationRef="d80e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-36b8bfd66d7f2d665f051e4852dc4fa7">
<Para>
<Text>
Reg. 7 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d17e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00003" CitationRef="d17e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00004" CitationRef="d17e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-67f33e7d774ba0b56c293e2ae406fada">
<Para>
<Text>
Reg. 8 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d15e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00003n1" CitationRef="d15e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00004n1" CitationRef="d15e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-14e3953eba18eb9cdc14d03994ab2e75">
<Para>
<Text>
Reg. 9 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d17e4n1" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00003n2" CitationRef="d17e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00004n2" CitationRef="d17e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-d825cb10432766626d6b61a43d7ca9bf">
<Para>
<Text>
Reg. 10 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d96e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00036" CitationRef="d96e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00037" CitationRef="d96e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-fddd16f896d881ed3c25643bf55208a3">
<Para>
<Text>
Reg. 11 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d112e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00040" CitationRef="d112e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00041" CitationRef="d112e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-e6db0c32d883638e5db5e42c5464c0f6">
<Para>
<Text>
Reg. 12 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d128e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00044" CitationRef="d128e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00045" CitationRef="d128e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-138a496892fd51c1b96c093b72d12369">
<Para>
<Text>
Reg. 13 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d144e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00048" CitationRef="d144e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00049" CitationRef="d144e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-1376d100acd4cf3ea80846f6d5e9c651">
<Para>
<Text>
Reg. 14 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d160e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00052" CitationRef="d160e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00053" CitationRef="d160e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-ce1a9fbe6cc300bc1ba7c56d29a29039">
<Para>
<Text>
Reg. 15 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d176e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00056" CitationRef="d176e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00057" CitationRef="d176e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-a444d9658f953c1b0158523e6538251c">
<Para>
<Text>
Reg. 16 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d192e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00060" CitationRef="d192e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00061" CitationRef="d192e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-4ebf6170ff4eb89c74521a4971935c36">
<Para>
<Text>
Reg. 17 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d208e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00064" CitationRef="d208e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00065" CitationRef="d208e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-d9b70ed20ad35598f1581f9a8e220186">
<Para>
<Text>
Reg. 18 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d224e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00068" CitationRef="d224e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00069" CitationRef="d224e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-f633bbd54f19f7113d55ab90ed4724ea">
<Para>
<Text>
Reg. 19 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d240e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00072" CitationRef="d240e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00073" CitationRef="d240e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-d1e0e2c2d68e22ea36a5d2ec64b772ed">
<Para>
<Text>
Reg. 20 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d256e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00076" CitationRef="d256e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00077" CitationRef="d256e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-55cef43e5d8e6c3349c1d396c2f28389">
<Para>
<Text>
Reg. 21 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d272e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00080" CitationRef="d272e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00081" CitationRef="d272e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-0128aa306d9694e01c0023f51cfb2ff8">
<Para>
<Text>
Reg. 22 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d288e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00084" CitationRef="d288e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00085" CitationRef="d288e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-012631e5bcdc353cff043eea7dc3e900">
<Para>
<Text>
Reg. 23 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d304e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00088" CitationRef="d304e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00089" CitationRef="d304e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-413f8882e06f602093664e0df4053aed">
<Para>
<Text>
Reg. 24 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d320e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00092" CitationRef="d320e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00093" CitationRef="d320e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-4d53625879a6b251da74aec88a3b9e66">
<Para>
<Text>
Reg. 25 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d336e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00096" CitationRef="d336e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00097" CitationRef="d336e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-c95bff2061a2499d2e35612102f31d13">
<Para>
<Text>
Reg. 26 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d352e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00100" CitationRef="d352e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00101" CitationRef="d352e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-2e6e0785ab3ab8396a378475f5a5b26f">
<Para>
<Text>
Reg. 27 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d368e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00104" CitationRef="d368e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00105" CitationRef="d368e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-c0bc22b27ccb0a44872dbde40b61544b">
<Para>
<Text>
Reg. 28 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d384e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00108" CitationRef="d384e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00109" CitationRef="d384e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-e714415c2c77d79e275d109f59757ff4">
<Para>
<Text>
Reg. 29 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d400e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00112" CitationRef="d400e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00113" CitationRef="d400e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-79f3b5ca2bde721b3fec20e4c1198114">
<Para>
<Text>
Reg. 30 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d416e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00116" CitationRef="d416e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00117" CitationRef="d416e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-41cc7e96930af39ee0d15e038983b746">
<Para>
<Text>
Reg. 31 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d432e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00120" CitationRef="d432e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00121" CitationRef="d432e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-fc67c067c3b7212015251419bda02043">
<Para>
<Text>
Reg. 32 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d448e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00124" CitationRef="d448e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00125" CitationRef="d448e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-49aa4b9ab7e172ed522bd2fab300dc86">
<Para>
<Text>
Reg. 33 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d464e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00128" CitationRef="d464e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00129" CitationRef="d464e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-cb803591401246b5e3470ca68b810def">
<Para>
<Text>
Reg. 34 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d44e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00050" CitationRef="d44e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00051" CitationRef="d44e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-1ae6d5c1018c47283ac3668d73a631af">
<Para>
<Text>
Reg. 35 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d480e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00135" CitationRef="d480e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00136" CitationRef="d480e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-21341c0f569a3072847585c49064f3ba">
<Para>
<Text>
Reg. 36 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d496e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00139" CitationRef="d496e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00140" CitationRef="d496e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-ecf9a81c0aaccabdcc4c07a1ac25b2e2">
<Para>
<Text>
Reg. 37 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d512e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00143" CitationRef="d512e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00144" CitationRef="d512e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-71883bd005da69736c007f2a548114fb">
<Para>
<Text>
Reg. 38 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d528e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00147" CitationRef="d528e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00148" CitationRef="d528e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-5f1c0c8da0303b3370d21dc7c5b7c413">
<Para>
<Text>
Reg. 39 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d544e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00151" CitationRef="d544e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00152" CitationRef="d544e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary Type="I" id="key-2d5e60d65241fa2924075de240f37991">
<Para>
<Text>
Reg. 40 in force on IP completion day (in accordance with
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="d560e4" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="cc00155" CitationRef="d560e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" Operative="true" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
), see
<CitationSubRef id="cc00156" CitationRef="d560e4" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/regulation/1/3" SectionRef="regulation-1-3">reg. 1(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-0a85f61df48ccbcccecbf3cbebb8ec93" Type="F">
<Para>
<Text>
Words in reg. 5(5) substituted (30.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2020/1301" id="c5dnrcmv4-00008" Class="UnitedKingdomStatutoryInstrument" Year="2020" Number="1301" Title="The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020">The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301)</Citation>
,
<CitationSubRef id="c5dnrcmv4-00009" CitationRef="c5dnrcmv4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="c5dnrcmv4-00010" CitationRef="c5dnrcmv4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3" SectionRef="regulation-3">3</CitationSubRef>
,
<CitationSubRef id="c5dnrcmv4-00011" CitationRef="c5dnrcmv4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/22/a/i" SectionRef="schedule-paragraph-22-a-i" Operative="true">Sch. para. 22(a)(i)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-3d115f5f584c2ebd4186454a2cd7031f" Type="F">
<Para>
<Text>
Words in reg. 5(12) substituted (30.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2020/1301" id="c5dnrcmv4-00019" Class="UnitedKingdomStatutoryInstrument" Year="2020" Number="1301" Title="The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020">The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301)</Citation>
,
<CitationSubRef id="c5dnrcmv4-00020" CitationRef="c5dnrcmv4-00019" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="c5dnrcmv4-00021" CitationRef="c5dnrcmv4-00019" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3" SectionRef="regulation-3">3</CitationSubRef>
,
<CitationSubRef id="c5dnrcmv4-00022" CitationRef="c5dnrcmv4-00019" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/22/a/ii" SectionRef="schedule-paragraph-22-a-ii" Operative="true">Sch. para. 22(a)(ii)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-13523e1f6eb76805615b48102f22e7f6" Type="F">
<Para>
<Text>
Words in reg. 7(2) substituted (30.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2020/1301" id="c5doem2k4-00008" Class="UnitedKingdomStatutoryInstrument" Year="2020" Number="1301" Title="The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020">The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301)</Citation>
,
<CitationSubRef id="c5doem2k4-00009" CitationRef="c5doem2k4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="c5doem2k4-00010" CitationRef="c5doem2k4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3" SectionRef="regulation-3">3</CitationSubRef>
,
<CitationSubRef id="c5doem2k4-00011" CitationRef="c5doem2k4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/22/b/i" SectionRef="schedule-paragraph-22-b-i" Operative="true">Sch. para. 22(b)(i)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-c2d87a31f0949204440b0c94684c286e" Type="F">
<Para>
<Text>
Words in reg. 7(3) substituted (30.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2020/1301" id="c5doem2k4-00019" Class="UnitedKingdomStatutoryInstrument" Year="2020" Number="1301" Title="The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020">The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301)</Citation>
,
<CitationSubRef id="c5doem2k4-00020" CitationRef="c5doem2k4-00019" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="c5doem2k4-00021" CitationRef="c5doem2k4-00019" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3" SectionRef="regulation-3">3</CitationSubRef>
,
<CitationSubRef id="c5doem2k4-00022" CitationRef="c5doem2k4-00019" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/22/b/ii" SectionRef="schedule-paragraph-22-b-ii" Operative="true">Sch. para. 22(b)(ii)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-93eaa77f2e68694dddf2d1180fc0ece3" Type="F">
<Para>
<Text>
Words in reg. 9(6) substituted (30.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2020/1301" id="c5dotrgd4-00008" Class="UnitedKingdomStatutoryInstrument" Year="2020" Number="1301" Title="The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020">The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301)</Citation>
,
<CitationSubRef id="c5dotrgd4-00009" CitationRef="c5dotrgd4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="c5dotrgd4-00010" CitationRef="c5dotrgd4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3" SectionRef="regulation-3">3</CitationSubRef>
,
<CitationSubRef id="c5dotrgd4-00011" CitationRef="c5dotrgd4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/22/c" SectionRef="schedule-paragraph-22-c" Operative="true">Sch. para. 22(c)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-48ce2a330046f8cd02de37957ca972b3" Type="F">
<Para>
<Text>
Words in reg. 34(2) substituted (30.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2020/1301" id="c5dp44fz4-00008" Class="UnitedKingdomStatutoryInstrument" Year="2020" Number="1301" Title="The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020">The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301)</Citation>
,
<CitationSubRef id="c5dp44fz4-00009" CitationRef="c5dp44fz4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="c5dp44fz4-00010" CitationRef="c5dp44fz4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3" SectionRef="regulation-3">3</CitationSubRef>
,
<CitationSubRef id="c5dp44fz4-00011" CitationRef="c5dp44fz4-00008" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/22/d" SectionRef="schedule-paragraph-22-d" Operative="true">Sch. para. 22(d)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-7c7911efb10605f44f8ad12a3bbd450c" Type="C">
<Para>
<Text>
Regulations modified (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="c5dp7rvh4-00009" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680" Title="The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019">The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680)</Citation>
,
<CitationSubRef id="c5dp7rvh4-00010" CitationRef="c5dp7rvh4-00009" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/1/2" SectionRef="regulation-1-2">regs. 1(2)</CitationSubRef>
,
<CitationSubRef id="c5dp7rvh4-00011" CitationRef="c5dp7rvh4-00009" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11/1" SectionRef="regulation-11-1" Operative="true">11(1)</CitationSubRef>
<CitationSubRef id="c5dp7rvh4-00012" CitationRef="c5dp7rvh4-00009" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11/4" SectionRef="regulation-11-4">(4)</CitationSubRef>
<CitationSubRef id="c5dp7rvh4-00013" CitationRef="c5dp7rvh4-00009" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11/5" SectionRef="regulation-11-5">(5)</CitationSubRef>
(with
<CitationSubRef id="c5dp7rvh4-00014" CitationRef="c5dp7rvh4-00009" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11/8" UpTo="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11/10" StartSectionRef="regulation-11-8" EndSectionRef="regulation-11-10">reg. 11(8)-(10)</CitationSubRef>
) (as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2020/1301" id="c5dp7rvh4-00015" Class="UnitedKingdomStatutoryInstrument" Year="2020" Number="1301">S.I. 2020/1301</Citation>
,
<CitationSubRef id="c5dp7rvh4-00016" CitationRef="c5dp7rvh4-00015" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1" SectionRef="regulation-1">regs. 1</CitationSubRef>
,
<CitationSubRef id="c5dp7rvh4-00017" CitationRef="c5dp7rvh4-00015" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3" SectionRef="regulation-3">3</CitationSubRef>
,
<CitationSubRef id="c5dp7rvh4-00018" CitationRef="c5dp7rvh4-00015" URI="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/40/f" SectionRef="schedule-paragraph-40-f">Sch. para. 40(f)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="c5dp7rvh4-00019" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="c5dp7rvh4-00020" CitationRef="c5dp7rvh4-00019" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-9546e5ed82307afe97e9d9600df6941f" Type="F">
<Para>
<Text>
Words in reg. 8(2)(b) substituted (31.1.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1010" id="c5dp9p2c4-00007" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1010" Title="The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 2) Regulations 2019">The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1010)</Citation>
,
<CitationSubRef id="c5dp9p2c4-00008" CitationRef="c5dp9p2c4-00007" URI="http://www.legislation.gov.uk/id/uksi/2019/1010/regulation/1/3" SectionRef="regulation-1-3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef id="c5dp9p2c4-00009" CitationRef="c5dp9p2c4-00007" URI="http://www.legislation.gov.uk/id/uksi/2019/1010/regulation/9" SectionRef="regulation-9" Operative="true">9</CitationSubRef>
;
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="c5dp9p2c4-00010" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef id="c5dp9p2c4-00011" CitationRef="c5dp9p2c4-00010" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1" SectionRef="schedule-5-paragraph-1-1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-8f6c14d87dff94d85aaea6e28a15b453" Type="C">
<Para>
<Text>
<CitationSubRef SectionRef="introduction" URI="http://www.legislation.gov.uk/id/uksi/2019/336" id="c4kyt0id5-00007">Regulations</CitationSubRef>
: power to modify conferred (11.7.2023) by
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2023/29" Class="UnitedKingdomPublicGeneralAct" Year="2023" Number="29" Title="Financial Services and Markets Act 2023" id="c4kyt0id5-00008">Financial Services and Markets Act 2023 (c. 29)</Citation>
,
<CitationSubRef SectionRef="section-3" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/section/3" CitationRef="c4kyt0id5-00008" id="c4kyt0id5-00009">ss. 3</CitationSubRef>
,
<CitationSubRef SectionRef="section-86-3" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/section/86/3" CitationRef="c4kyt0id5-00008" id="c4kyt0id5-00010">86(3)</CitationSubRef>
,
<CitationSubRef SectionRef="schedule-1-part-2" URI="http://www.legislation.gov.uk/id/ukpga/2023/29/schedule/1/part/2" CitationRef="c4kyt0id5-00008" Operative="true" id="c4kyt0id5-00011">Sch. 1 Pt. 2</CitationSubRef>
;
<Citation URI="http://www.legislation.gov.uk/id/uksi/2023/779" Class="UnitedKingdomStatutoryInstrument" Year="2023" Number="779" Title="The Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023" id="c4kyt0id5-00012">S.I. 2023/779</Citation>
,
<CitationSubRef SectionRef="regulation-2-d" URI="http://www.legislation.gov.uk/id/uksi/2023/779/regulation/2/d" CitationRef="c4kyt0id5-00012" id="c4kyt0id5-00013">reg. 2(d)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>