2018 c. 16.

http://www.legislation.gov.uk/uksi/2019/336/contents/2019-02-21The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019texttext/xmlenEXITING THE EUROPEAN UNIONFINANCIAL SERVICESStatute Law Database2024-05-16Expert Participation2019-02-21These 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 2019The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019PART 1General1Citation and commencementPART 2Amendment of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 20182Amendment of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018PART 3Amendment of Regulation (EU) 2015/7603Amendment of Regulation (EU) 2015/7604Subject matter and objective5Definitions6Authorisation and central public register7Designation and prohibition on transformation8Application for authorisation as an LTIF9Conditions for granting authorisation as an LTIF10Applicable rules and liability11Obligations concerning the investment policies of LTIFs12Investment compartments13Eligible investments14Eligible investment assets15Qualifying portfolio undertaking16Conflict of interest17Portfolio composition and diversification18Rectification of investment positions19Concentration20Borrowing of cash21Application of portfolio composition and diversification rules22Redemption, trading and issue of units or shares of an LTIF and distribution of proceeds and capital23Redemption policy and life of LTIFs24Secondary market25Issuance of new units or shares26Disposal of LTIF assets27Distribution of proceeds and capital28Transparency29Additional requirements of the prospectus30Cost disclosure31Facilities available to investors32Internal assessment process for LTIFs marketed to retail investors33Specific requirements concerning the distribution of LTIFs to retail investors34Specific provisions concerning the depository of an LTIF marketed to retail investors35Additional requirements for marketing LTIFs to retail investors36Marketing of units or shares of LTIFs37Supervision by the FCA38Powers of the FCA39Omission of Articles 34 to 3740Omission of words after Article 38

2019 No. 336

Exiting The European UnionFinancial Services

The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019

Made20th February 2019

Coming 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.

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<tocItem level="0" class="title" href="">The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019</tocItem>
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<inline name="tocHeading">General</inline>
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<inline name="tocHeading">Amendment of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018</inline>
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<inline name="tocHeading">Amendment of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018</inline>
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<inline name="tocNum">PART 3</inline>
<inline name="tocHeading">Amendment of Regulation (EU) 2015/760</inline>
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<inline name="tocHeading">Amendment of Regulation (EU) 2015/760</inline>
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<inline name="tocHeading">Application for authorisation as an LTIF</inline>
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<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/9/2019-02-21" level="2" class="item">
<inline name="tocNum">9</inline>
<inline name="tocHeading">Conditions for granting authorisation as an LTIF</inline>
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<inline name="tocHeading">Obligations concerning the investment policies of LTIFs</inline>
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<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/25/2019-02-21" level="2" class="item">
<inline name="tocNum">25</inline>
<inline name="tocHeading">Issuance of new units or shares</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/26/2019-02-21" level="2" class="item">
<inline name="tocNum">26</inline>
<inline name="tocHeading">Disposal of LTIF assets</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/27/2019-02-21" level="2" class="item">
<inline name="tocNum">27</inline>
<inline name="tocHeading">Distribution of proceeds and capital</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/28/2019-02-21" level="2" class="item">
<inline name="tocNum">28</inline>
<inline name="tocHeading">Transparency</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/29/2019-02-21" level="2" class="item">
<inline name="tocNum">29</inline>
<inline name="tocHeading">Additional requirements of the prospectus</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/30/2019-02-21" level="2" class="item">
<inline name="tocNum">30</inline>
<inline name="tocHeading">Cost disclosure</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/31/2019-02-21" level="2" class="item">
<inline name="tocNum">31</inline>
<inline name="tocHeading">Facilities available to investors</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/32/2019-02-21" level="2" class="item">
<inline name="tocNum">32</inline>
<inline name="tocHeading">Internal assessment process for LTIFs marketed to retail investors</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/33/2019-02-21" level="2" class="item">
<inline name="tocNum">33</inline>
<inline name="tocHeading">Specific requirements concerning the distribution of LTIFs to retail investors</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/34/2019-02-21" level="2" class="item">
<inline name="tocNum">34</inline>
<inline name="tocHeading">Specific provisions concerning the depository of an LTIF marketed to retail investors</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/35/2019-02-21" level="2" class="item">
<inline name="tocNum">35</inline>
<inline name="tocHeading">Additional requirements for marketing LTIFs to retail investors</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/36/2019-02-21" level="2" class="item">
<inline name="tocNum">36</inline>
<inline name="tocHeading">Marketing of units or shares of LTIFs</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/37/2019-02-21" level="2" class="item">
<inline name="tocNum">37</inline>
<inline name="tocHeading">Supervision by the FCA</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/38/2019-02-21" level="2" class="item">
<inline name="tocNum">38</inline>
<inline name="tocHeading">Powers of the FCA</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/39/2019-02-21" level="2" class="item">
<inline name="tocNum">39</inline>
<inline name="tocHeading">Omission of Articles 34 to 37</inline>
</tocItem>
<tocItem href="http://www.legislation.gov.uk/uksi/2019/336/regulation/40/2019-02-21" level="2" class="item">
<inline name="tocNum">40</inline>
<inline name="tocHeading">Omission of words after Article 38</inline>
</tocItem>
</toc>
</coverPage>
<preface eId="preface" period="#period2">
<p class="number">
<docNumber>2019 No. 336</docNumber>
</p>
<block name="subject">
<concept class="title" refersTo="#d4e309">Exiting The European Union</concept>
</block>
<block name="subject">
<concept class="title" refersTo="#d4e312">Financial Services</concept>
</block>
<p class="title">
<shortTitle>The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019</shortTitle>
</p>
<p class="MadeDate">
<span>Made</span>
<docDate date="2019-02-20">20th February 2019</docDate>
</p>
<p class="ComingIntoForce">
<span>Coming into force in accordance with regulation 1(2) and (3)</span>
</p>
</preface>
<preamble>
<formula name="EnactingText">
<p>
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
<noteRef href="#c23594921" marker="M1" class="commentary M"/>
.
</p>
<p>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.</p>
</formula>
</preamble>
<body/>
</act>
</akomaNtoso>