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The Alternative Investment Fund Managers Regulations 2013
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- UK Statutory Instruments
- 2013 No. 1773
- PART 6
- CHAPTER 3
- Regulation 57
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Version Superseded: 31/12/2020
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- 22/07/2013- Amendment
- 22/07/2013
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- 23/02/2022- Amendment
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Marketing under Article 36 of the directiveU.K.
This section has no associated Explanatory Memorandum
57.—(1) An AIF falls within this paragraph if it is—
(a)a third country AIF, or
(b)a UK AIF or an EEA 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).
(2) An AIFM falls within this paragraph if it is—
(a)a full-scope UK AIFM; or
(b)a full-scope EEA 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 the directive;
(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 the competent authority of the full-scope EEA AIFM (in the case of such an AIFM), and the supervisory authorities of the relevant third country, in order to ensure an efficient exchange of information that enables the FCA or other competent authority to carry out its duties in accordance with the directive;
(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 Article 21 of the directive, provided that the AIFM—
(a)ensures that one or more entities, other than the AIFM, are appointed to carry out the duties mentioned in Article 21.7 to 21.9 of the directive (each an “Article 36 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.
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