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72.—(1) An AIFM falls within this paragraph if—
(a)it manages an AIF immediately before 22nd July 2013; and
(b)in the case of a third country AIFM, it markets that AIF in an EEA State before 22nd July 2013.
(2) Until the relevant date, an AIFM falling within paragraph (1) need not comply with implementing provisions other than those imposed by this regulation.
(3) A UK AIFM falling within paragraph (1) must submit an application for—
(a)a Part 4A permission to carry on the regulated activity of managing an AIF, or
(b)registration as a small registered UK AIFM,
before 22nd July 2014.
(4) Paragraph (3) does not apply to an AIFM that ceases to manage AIFs before 22nd July 2014.
(5) Part 6 does not apply in respect of an AIF managed by an AIFM falling within paragraph (1) until the relevant date.
(6) Until the relevant date, amendments and modifications to other enactments made by these Regulations do not have effect in respect of an AIFM falling within paragraph (1) except in so far as they relate to the making or determination of applications for registration as a small registered UK AIFM or for a Part 4A permission to carry on the regulated activity of managing an AIF.
(7) In this regulation, the “relevant date” means the earlier of—
(a)(i)in respect of a UK AIFM that complies with the requirement in paragraph (3) to submit an application before 22nd July 2014, and AIFs managed by it, the date on which the FCA or PRA notifies the AIFM that its application has been determined;
(ii)in respect of an AIFM established in an EEA State other than the United Kingdom that applies for authorisation in accordance with Article 6.1 of the directive or registration in accordance with Article 3.3(a) of the directive before 22nd July 2014, and AIFs managed by it, the date on which the relevant competent authority notifies the AIFM that the application has been determined;
(iii)in respect of an AIF managed by a third country AIFM that notifies the FCA under regulation 58 or 59, the date on which the AIFM gives the notification; or
(b)22nd July 2014.
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