[F1 [F2 PART 9A U.K.Temporary Marketing Provisions

Textual Amendments

F1 Regulations 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)

F2 Pt. 9A inserted (20.2.2019) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(2), 14 (as amended by S.I. 2019/325, reg. 58)

Temporary marketing permissions: AIFs etc U.K.

78A.— (1) If this regulation applies—

(a) an AIF, a EuVECA or a EuSEF (a “relevant fund”) may be marketed in the United Kingdom on the same terms and subject to the same conditions as the relevant fund was, or could have been, marketed in the United Kingdom before [F3 IP completion day] until the end of the period determined in accordance with regulation 78C;

(b) an AIFM which is authorised (in accordance with Article 6.1 of the alternative investment fund managers directive) by its home state regulator (“an EEA AIFM”) may continue to market a UK AIF in the United Kingdom on the same terms and subject to the same conditions as it was able to do before [F3 IP completion day] until the end of the period determined in accordance with regulation 78C.

(2) This regulation applies in relation to AIFs where—

(a) an EEA AIFM satisfied the conditions entitling it to market an EEA AIF in the United Kingdom before [F3 IP completion day] under regulation 49;

(b) the entitlement to market that AIF has not been suspended or revoked before [F3 IP completion day];

(c) the AIFM of the AIF has, before [F3 IP completion day], notified the FCA that it wishes the relevant fund to have temporary permission to be marketed in the United Kingdom after [F3 IP completion day] under paragraph (1); and

(d) the AIFM is an authorised person, or is authorised or registered as an AIFM in a Member State.

(3) This regulation applies in relation to EuVECAs where—

(a) the EuVECA is—

(i) registered under Article 14a of the EuVECA Regulation (as it applies in the European Union) in a Member State, or

(ii) managed by a small registered UK AIFM or a EuVECA Manager;

(b) the FCA has, before [F3 IP completion day], received a notification under Article 16 of the EuVECA Regulation that the United Kingdom has been added to the list of Member States in which the manager intends to market the EuVECA;

(c) the AIFM or EuVECA Manager of the EuVECA—

(i) has not been subject to any sanctions under Article 18 of the EuVECA Regulation, and

(ii) has notified the FCA that it wishes the relevant fund to have temporary permission to be marketed in the United Kingdom after [F3 IP completion day] under paragraph (1).

(4) This regulation applies in relation to EuSEFs where—

(a) the EuSEF is—

(i) registered under Article 15a of the EuSEF Regulation (as it applies in the European Union), or

(ii) managed by a small registered UK AIFM or a EuSEF Manager;

(b) the FCA has, before [F3 IP completion day], received a notification under Article 17 of the EuSEF Regulation that the United Kingdom has been added to the list of Member States in which the manager intends to market the EuSEF;

(c) the AIFM or EuSEF Manager marketing the relevant fund—

(i) has not been subject to any sanctions under Article 19 of the EuSEF Regulation, and

(ii) has notified the FCA that it wishes the relevant fund to have temporary permission to be marketed in the United Kingdom after [F3 IP completion day] under paragraph (1).

(5) This regulation applies in relation to EEA AIFMs marketing UK AIFs where the EEA AIFM—

(a) satisfied the conditions entitling it to market the UK AIF in the United Kingdom before [F3 IP completion day] under regulation 49;

(b) is authorised or registered as an AIFM in a Member State;

(c) has notified the FCA that it wishes to have temporary permission to market the UK AIF in the United Kingdom after [F3 IP completion day] under paragraph (1).

(6) For the purposes of paragraphs (2)(c), (3)(c)(ii), (4)(c)(ii) and (5)(c), the notification must—

(a) be made in such manner, and during such period, and

(b) contain, or be accompanied by, such information,

as the FCA may direct.

(7) The power to give a direction under this regulation includes the power—

(a) to give different directions to different persons or categories of person;

(b) to vary or revoke a previous direction.]]

Textual Amendments

F3 Words in reg. 78A substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 3(a)