Regulation (EU) No 346/2013 of the European Parliament and of the CouncilShow full title

Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds (Text with EEA relevance)

CHAPTER IIIU.K.SUPERVISION AND ADMINISTRATIVE COOPERATION

Article 15U.K.

1.Managers of qualifying social entrepreneurship funds that intend to use of the designation ‘[F1SEF]’ for the marketing of their qualifying social entrepreneurship funds shall inform the [F2FCA] of their intention and shall provide the following information:

(a)the identity of the persons who effectively conduct the business of managing qualifying social entrepreneurship funds;

(b)the identity of the qualifying social entrepreneurship funds, the units or shares of which are to be marketed and their investment strategies;

(c)information on the arrangements made for complying with the requirements of Chapter II;

F3(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F4(e). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.The [F5FCA] shall register the qualifying social entrepreneurship fund manager only if the following conditions are met:

(a)the persons who effectively conduct the business of managing qualifying social entrepreneurship funds are of sufficiently good repute and are sufficiently experienced also in relation to the investment strategies pursued by the manager of a qualifying social entrepreneurship fund;

(b)the information required referred to in paragraph 1 is complete;

(c)the arrangements notified according to in point (c) of paragraph 1 are suitable for complying with the requirements of Chapter II[F6.]

F4(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.Registration under this Article shall be valid in the [F7United Kingdom] and shall allow managers of qualifying social entrepreneurship funds to market qualifying social entrepreneurship funds under the designation ‘[F8SEF]’ [F9in the United Kingdom].

[F104.The [F11FCA] shall inform the manager as referred to in paragraph 1 whether it has been registered as a manager of a qualifying social entrepreneurship fund no later than two months after it has provided all the information referred to in that paragraph.

F125.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.A manager of a qualifying social entrepreneurship fund as referred to in this Article shall notify the [F13FCA] of any material changes to the conditions for its initial registration in accordance with this Article before such changes are implemented.

If the [F13FCA] decides to impose restrictions or reject the changes referred to in the first subparagraph, it shall inform the manager of the qualifying social entrepreneurship fund within one month of receipt of notification of those changes. The [F14FCA] may extend that period by up to one month where it considers this to be necessary due to the specific circumstances of the case, after having notified the manager of the qualifying social entrepreneurship fund. The changes may be implemented if the [F15FCA ] does not oppose the changes within the relevant assessment period.

[F167.The FCA may make technical standards to specify further the information to be provided to it in the application for registration as set out in paragraph 1 and to specify further the conditions as set out in paragraph 2.

8.The FCA may make technical standards on standard forms, templates and procedures for the provision of information to it in the application for registration set out in paragraph 1 and the conditions set out in paragraph 2.]

F179.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

[F10Article 15aU.K.

1.Managers of collective investment undertakings [F18who have permission under Part 4A of the FSMA to carry on the regulated activity specified by article 51ZC of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (managing an AIF)] shall apply for registration of the qualifying social entrepreneurship funds for which they intend to use the designation ‘[F19SEF]’.

2.The application for registration referred to in paragraph 1 shall be made to the [F20FCA] and shall include the following:

(a)the rules or instruments of incorporation of the qualifying social entrepreneurship fund;

(b)information on the identity of the depositary;

(c)the information referred to in Article 15(1);

F21(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

For the purposes of point (c) of the first subparagraph, the information on the arrangements made for complying with the requirements of Chapter II shall refer to the arrangements made for complying with Articles 5, 6 and 10, Article 13(2) and points (d), (e) and (f) of Article 14(1).

F223.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.Managers as referred to in paragraph 1 shall not be required to provide information or documents which they have already provided under [F23the law of the United Kingdom or any part of the United Kingdom which was relied on immediately before IP completion day to implement Directive 2011/61/EU and its implementing measures—

(i)as they have effect on IP completion day, in the case of rules made by the FCA or by the PRA under FSMA, and

(ii)as amended from time to time, in all other cases.]

5.Having assessed the documentation received in accordance with paragraph 2 F24..., the [F25FCA] shall register a fund as a qualifying social entrepreneurship fund if the manager of that fund meets the conditions laid down in Article 15(2).

6.The [F26FCA] shall inform the manager as referred to in paragraph 1 whether that fund has been registered as a qualifying social entrepreneurship fund no later than two months after that manager has provided all the documentation referred to in paragraph 2.

7.Registration under this Article shall be valid in the [F27United Kingdom] and shall allow the marketing of those funds [F28in the United Kingdom] under the designation ‘[F29SEF]’.

[F308.The FCA may make technical standards to specify further the information to be provided to it in accordance with paragraph 2.

9.The FCA may make technical standards on standard forms, templates and procedures for the provision of information to it in accordance with paragraph 2.]

F3110.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F32Article 15bU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F32Article 16U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F32Article 17U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F32Article 17aU.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

[F6Article 18U.K.

1.[F33The FCA] shall maintain a central database that is publicly accessible on the internet and that lists all managers of qualifying social entrepreneurship funds using the designation ‘[F34SEF]’ and the qualifying social entrepreneurship funds for which they use that designation F35....

2.On its website, [F36the FCA] shall provide weblinks to the relevant information regarding third countries that fulfil the applicable requirement under point (d)(v) of the first subparagraph of Article 3(1).]

Textual Amendments

Article 19U.K.

1.The [F37FCA] shall supervise compliance with the requirements laid down in this Regulation.

F381a.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F381b.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F382.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F383.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F39Article 20U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F40Article 21U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Article 22U.K.

[F61.While respecting the principle of proportionality, the [F41FCA] shall take the appropriate measures referred to in paragraph 2, as applicable, where the manager of the qualifying social entrepreneurship fund:]

(a)fails to comply with the requirements that apply to the portfolio composition, in breach of Article 5;

(b)markets, in breach of Article 6, the units and shares of a qualifying social entrepreneurship fund to non-eligible investors;

[F6(c)uses the designation ‘[F42SEF]’ but is not registered in accordance with Article 15, or the qualifying social entrepreneurship fund is not registered in accordance with Article 15a;]

(d)uses the designation ‘[F43SEF]’ for the marketing of funds which are not established in accordance with point (b)(iii) of Article 3(1);

[F6(e)has obtained registration through false statements or any other irregular means, in breach of Article 15 or Article 15a;]

(f)fails to act honestly, fairly or with due skill, care or diligence, in conducting their business, in breach of point (a) of Article 7;

(g)fails to apply appropriate policies and procedures for preventing malpractices, in breach of point (b) of Article 7;

(h)repeatedly fails to comply with the requirements under Article 13 regarding the annual report;

(i)repeatedly fails to comply with the obligation to inform investors in accordance with Article 14.

[F62.In the cases referred to in paragraph 1, the [F44FCA] shall, as appropriate:

(a)take measures to ensure that the manager of a qualifying social entrepreneurship fund concerned complies with Articles 5 and 6, points (a) and (b) of Article 7, and Articles 13 to 15a, as applicable;

(b)prohibit the manager of the qualifying social entrepreneurship fund concerned from using the designation ‘[F45SEF]’ and remove that manager, or the qualifying social entrepreneurship fund concerned, from the register.

F463.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.The right to market one or more qualifying social entrepreneurship funds under the designation ‘[F47SEF]’ in the [F48United Kingdom] shall expire with immediate effect from the date of the decision of the [F49FCA] referred to in point (b) of paragraph 2.]

F505.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

[F10Article 22aU.K.

The powers conferred on [F51the FCA in respect of AIFMs (as defined in regulation 4(1) of the AIFM Regulations) under FSMA or the AIFM Regulations], including those related to penalties, shall also be exercised with respect to the managers referred to in Article 2(2) of this Regulation.]

Textual Amendments

F52Article 23U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

Article 24U.K.

1.All persons who work or who have worked for the [F53FCA], as well as auditors and experts instructed by the [F53FCA], are bound by the obligation of professional secrecy. No confidential information which those persons receive in the course of their duties shall be divulged to any person or authority whatsoever, save in summary or aggregate form such that managers of qualifying social entrepreneurship funds and qualifying social entrepreneurship funds cannot be individually identified, without prejudice to cases covered by criminal law and proceedings under this Regulation.

F542.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F553.Where the FCA receives confidential information under this Regulation, the FCA may use it only in the course of its duties and for the purpose of administrative and judicial proceedings.]

Textual Amendments

F56Article 25U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments