PART 6Marketing of AIFs
CHAPTER 1General Provisions
Contravention by unauthorised person52
1
In this regulation “unlawful marketing” means the marketing of an AIF—
a
by an AIFM or an investment firm that is not an authorised person in contravention of regulation 49, 50 or 51; or
b
by an AIFM that is not an authorised person in contravention of a provision of the EuSEF Regulation or the EuVECA Regulation.
2
Subject to paragraph (3), section 25 of the Act (contravention of section 21) applies to unlawful marketing as it applies to the contravention of section 21(1) of the Act.
3
When applied by paragraph (2), the reference in section 25(1)(a) to imprisonment for a term not exceeding six months is to be read as a reference to imprisonment for a term not exceeding three months.
4
Section 168 of the Act (appointment of persons to carry out investigations in particular cases) applies as if the reference at subsection (2)(c) to a contravention of section 21 of the Act included reference to unlawful marketing.
5
Section 30 of the Act (enforceability of agreements resulting from unlawful communications) applies in relation to—
a
controlled agreements entered into in consequence of unlawful marketing, as it applies in relation to controlled agreements entered into in consequence of an unlawful communication; and
b
the exercise of rights conferred by a controlled investment in consequence of unlawful marketing, as it applies in relation to the exercise of such rights in consequence of an unlawful communication.