The Alternative Investment Fund Managers Regulations 2013

[F1[F2Marketing of third country AIFs managed by full-scope UK AIFMs]U.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 [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