The Alternative Investment Fund Managers Regulations 2013

[F1Closed-ended AIFs whose subscription period has closedU.K.

This section has no associated Explanatory Memorandum

75.—(1) This regulation applies to an AIFM in so far as immediately before 22nd July 2013 it manages an AIF—

(a)that is closed-ended;

(b)for which the subscription period for investors closed before 22nd July 2011; and

(c)that is constituted for a period that expires before 22nd July 2016.

(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.

[F3(2A) If the AIFM is given a variation of its Part 4A permission to add 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).

(2B) 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.

(2C) 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.]

[F4(3) Subject to paragraph (4), the AIFM need not comply with the implementing provisions in respect of that AIF.]

(4) From 22nd July 2014, the AIFM must comply with—

(a)provisions in Part 5 of these Regulations, and

(b)implementing provisions relating to Article 22 of the directive (annual report)

[F5with which it would be required to comply] in respect of that AIF but for the preceding paragraphs of this regulation.

[F6(5) The AIFM must give the FCA such information in respect of its compliance with paragraph (4) as the FCA may direct.

(6) The AIFM must give information required under paragraph (5) at such times and in such manner, and verify that information in such manner, as the FCA may direct.

(7) The AIFM must take such steps as are necessary to ensure compliance with paragraph (4) as the FCA may direct.

(8) Sections 55Y (exercise of own-initiative power: procedure) and 55Z3(2) (right to refer matters to the Tribunal) of the Act apply to a direction to an AIFM under paragraph (7) as they apply to a requirement imposed on an authorised person under section 55L(3) of the Act (imposition of requirements by the FCA).]]

Textual Amendments