Meaning of “AIF”
3.—(1) “AIF” means a collective investment undertaking, including investment compartments of such an undertaking, which—
(a)raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of these investors; and
(b)does not require authorisation pursuant to Article 5 of the UCITS directive.
(2) An AIF may be open-ended or closed-ended, and constituted in any legal form, including under a contract, by means of a trust or under statute.
(3) None of the following entities is an AIF—
(a)an institution for occupational retirement provision which falls within the scope of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision(1);
(b)a holding company;
(c)an employee participation scheme or employee savings scheme;
(d)a securitisation special purpose entity.
OJ L 235, 23.9.2003, p.10.