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The Alternative Investment Fund Managers Regulations 2013, Section 57 is up to date with all changes known to be in force on or before 16 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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57.—(1) An AIF falls within this paragraph if it is—
(a)a third country AIF, or
(b)a UK AIF or [F3a Gibraltar AIF] that is a feeder AIF, the master AIF of which is either managed by a third country AIFM or is a third country AIF, and
managed by an AIFM falling within paragraph (2).
[F4(1A) An AIF does not fall within paragraph (1) if it is recognised under section 271A of the Act.]
(2) An AIFM falls within this paragraph if it is—
(a)a full-scope UK AIFM; or
(b)a full-scope [F5Gibraltar AIFM].
(3) An AIFM falling within paragraph (2) must give written notification to the FCA before marketing an AIF managed by it that falls within paragraph (1).
(4) The notification must include a statement confirming that the following conditions are met—
(a)subject to paragraph (5), the AIFM complies with the requirements of [F6the Financial Services and Markets Act 2000, these Regulations, any EU tertiary legislation made under the directive which forms part of retained EU law and rules made by the FCA];
(b)appropriate cooperation arrangements for the purpose of systemic risk oversight and in line with international standards are in place between the FCA (in the case of a UK AIFM) or [F7the Financial Services Commission of Gibraltar (in the case of a Gibraltar AIFM)], and the supervisory authorities of the relevant third country, in order to ensure an efficient exchange of information that enables the FCA [F8or the Financial Services Commission of Gibraltar] to carry out its duties in accordance with [F9these Regulations or the Financial Services (Alternative Investment Fund Managers) Regulations 2013 of Gibraltar];
(c)the relevant third country is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force.
(5) The AIFM need not comply with the requirements of [F10section 3.11 of the Investment Funds sourcebook, and regulations 29 to 32 of these Regulations], provided that the AIFM—
(a)ensures that one or more entities, other than the AIFM, are appointed to carry out the duties mentioned in [F11rules 3.11.4(2), 3.11.20, 3.11.21, 3.11.23 and 3.11.25 of the Investment Funds sourcebook (a “third country AIF custodian”)]; and
(b)informs the FCA about the identity of such entities.
(6) In this regulation, “the relevant third country” means—
(a)in the case of a third country AIF, the country where the AIF is established; and
(b)in a case falling within paragraph (1)(b), the country where the master AIF is established.]
Textual Amendments
F1Regulations revoked (14.12.2023 for the revocation of reg. 79) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(vi)
F2Reg. 57 heading substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 10(8)(a) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in reg. 57(1)(b) substituted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 10(8)(b)(i) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
F4Reg. 57(1A) inserted (23.2.2022) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 9 para. 10; S.I. 2022/163, reg. 2(a)
F5Words in reg. 57(2)(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 10(8)(c) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in reg. 57(4)(a) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 10(8)(d)(i) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in reg. 57(4)(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 10(8)(d)(ii)(aa) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
F8Words in reg. 57(4)(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 10(8)(d)(ii)(bb) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
F9Words in reg. 57(4)(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 10(8)(d)(ii)(cc) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
F10Words in reg. 57(5) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 10(8)(e)(i) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
F11Words in reg. 57(5)(a) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 10(8)(e)(ii) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
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