The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2018

Depositaries in third countries

33.—(1) Before Article 84, omit “(Article 21(6)(b) of Directive 2011/61/EU)”.

(2) In Article 84—

(a) in the opening words—

(i) omit “For the purposes of point (b) of Article 21(6) of Directive 2011/61/EU”;

(ii) for “Union law” substitute “the law applicable in the United Kingdom, or in any part of the United Kingdom”;

(b) in point (b), for “the Union” substitute “the United Kingdom”;

(c) in point (c)—

(i) for “the Union” substitute “the United Kingdom”;

(ii) for “an Union credit institution or investment firm” substitute “a credit institution or investment firm incorporated in, or formed under the law of any part of, the United Kingdom”;

(d) in point (d), for “the Union” substitute “the United Kingdom”;

(e) in point (e), for “Article 21(7) to (15) of Directive 2011/61/EU and its implementing measures and the relevant national law” substitute “rules 3.11.4, 3.11.5, 3.11.9, 3.11.20, 3.11.21 and 3.11.23 to 3.11.30 of the Investment Funds sourcebook, regulations 29 to 32 of the AIFM Regulations 2013, and Articles 85 to 102 of this Regulation”.