[F1Closed-ended AIFs that make no additional investmentsU.K.
74.—(1) This regulation applies to an AIFM in so far as immediately before 22nd July 2013 it manages an AIF that—
(a)is closed-ended; and
(b)makes no additional investments after 22nd July 2013.
(2) [F2Notwithstanding regulation 72(3), the AIFM need not] apply for—
(a)permission under Part 4A of the Act to manage that AIF; or
(b)registration as a small registered UK AIFM in respect of that AIF.
(3) The AIFM need not comply with the implementing provisions in respect of that AIF.
[F3(4) If the AIFM is given a Part 4A permission to carry on the regulated activity of managing an AIF, article 72AA of the Regulated Activities Order (managers of UCITS and AIFs) does not apply in respect of the AIFM's management of the AIF referred to in paragraph (1).
(5) If, at the same time that the AIFM is given a Part 4A permission to manage an AIF, the AIFM's Part 4A permission is also varied by the removal from the regulated activities to which that permission relates of regulated activities that the AIFM carries on in connection with or for the purposes of managing the AIF referred to in paragraph (1), the AIFM is to be treated as if the AIFM's Part 4A permission had not been varied by such removal at such time.
(6) If, immediately before 22nd July 2013, the AIFM had a Part 4A permission to carry on an activity of the kind specified by article 51 of the Regulated Activities Order (establishing, operating or winding up a collective investment scheme) as that article applied at that date , from the relevant date (as defined in regulation 72(7)) that permission is to be treated as if it were a Part 4A permission to carry on an activity of the kind specified by article 51ZE of the Regulated Activities Order.]]
Textual Amendments
F1Regulations revoked (14.12.2023 for the revocation of reg. 79) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(vi)
F2Words in reg. 74(2) substituted (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(6)(a) (as amended by S.I. 2014/1313, arts. 1, 2(a))
F3Reg. 74(4)-(6) substituted for reg. 74(4) (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(6)(b) (as amended by S.I. 2014/1313, arts. 1, 2(a))