- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
59.—(1) A third country AIFM that is not a small AIFM must give written notification to the FCA before marketing an AIF managed by it.
(2) The notification must include a statement confirming that the following conditions are met—
(a)the AIFM is the person responsible for complying with the implementing provisions relating to the marketing of the AIF;
(b)the AIFM complies with the requirements of Articles 22 to 24 of the directive in so far as such provisions are relevant to the AIFM and the AIF to be marketed;
(c)if applicable, the AIFM complies with Part 5 in relation to the AIF to be marketed;
(d)appropriate cooperation arrangements for the purpose of systemic risk oversight and in line with international standards are in place between—
(i)the FCA and, if applicable, the competent authority of the other EEA State where the AIF is established, and
(ii)the supervisory authorities of the country where the third country AIFM is established and, if applicable, of the third country where the AIF is established,
in order to ensure an efficient exchange of information that enables the FCA and, if applicable, the other competent authority to carry out its duties in accordance with the directive;
(e)the country where the third country AIFM and, if applicable, the third country AIF is established is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force.
(3) During the period specified in paragraph (4), an AIFM that has given a notification under paragraph (1) in respect of an AIF must comply with—
(a)the implementing provisions applicable to full-scope UK AIFMs which relate to the provisions of Articles 22 to 24 of the directive in so far as such provisions are relevant to the AIFM and the AIF; and
(b)Part 5 in respect of that AIF (if applicable).
(4) The period specified in this paragraph starts on the date on which the AIFM gives the notification under paragraph (1) and ends—
(a)if an investor’s acquisition of units or shares of the AIF results from marketing that is permitted because of the notification, on the date on which the final such investor disposes of such units or shares; or
(b)if there is no acquisition of units or shares of the AIF resulting from such marketing, on the date on which the AIFM ceases marketing the AIF.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: