PART 8Application of provisions of the Act

Application of provisions of the Act to unauthorised AIFMs71

1

The following provisions of the Act apply in respect of an unauthorised AIFM as they apply in respect of an authorised person—

a

section 16531 (regulators’ power to require information: authorised persons etc.);

b

section 16632 (reports by skilled persons);

c

section 16733 (appointment of persons to carry out general investigations);

d

section 176(3) (entry of premises under warrant);

e

section 20534 (public censure);

f

section 20635 (financial penalties).

2

The following provisions of the Act apply in relation to the exercise of the powers under the provisions applied by paragraph (1)(a) to (c) as they apply in relation to the exercise of those powers in respect of authorised persons—

a

section 16936 (investigations etc. in support of overseas regulator);

b

section 17037 (investigations: general);

c

section 17138 (powers of persons appointed under section 167);

d

section 17439 (admissibility of statements made to investigators);

e

section 17540 (information and documents: supplemental provisions);

f

section 17641 (entry of premises under warrant);

g

section 176A42 (retention of documents taken under section 176);

h

section 17743 (offences).

3

Sections 207 to 211 of, and paragraph 20 of Schedule 1ZA to, the Act44 apply in relation to the exercise of the FCA’s powers under section 205 or 206 of the Act as applied by paragraph (1)(e) and (f) as they apply in relation to their exercise in respect of authorised persons.

4

Unauthorised AIFMs are to be treated as regulated persons for the purposes of paragraph 21 of Schedule 1ZA to the Act.

5

In this regulation “unauthorised AIFM” means a person who is not an authorised person but who is—

a

a small registered UKAIFM;

b

a small registered EEAAIFM;

c

a full-scope EEAAIFM that is entitled to market an AIF following a notification under regulation 57;

d

an AIFM that is entitled to market an AIF following a notification under regulation 58;

e

an AIFM to which the requirement at regulation 59(3) applies; or

f

a full-scope EEAAIFM that is exercising a right to market an AIF arising out of the EuSEF Regulation or the EuVECA Regulation.