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The Alternative Investment Fund Managers (Amendment) Regulations 2013
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The Alternative Investment Fund Managers (Amendment) Regulations 2013,
PART 2
is up to date with all changes known to be in force on or before 26 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Schedule 2 Part 2:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
PART 2 U.K.Transitional provisions relating to marketing by third country AIFMs
4.—(1) Sub-paragraphs (2) and (3) apply where—U.K.
(a)an AIFM has given a notification under regulation 58(1) of the principal regulations (marketing of AIFs managed by small third country AIFMs) in respect of an AIF,
(b)an investor has acquired units or shares of the AIF as a result of marketing that is permitted because of that notification, and
(c)the AIFM is not—
[F1(i)an authorised person with permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of managing an AIF, or registered under Part 3 of the principal regulations in respect of the AIF otherwise than by virtue of that notification.]
F2(ii). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2) The revocation of regulations 58(3) and (4)(a) and 71(5)(d) of the principal regulations by paragraph 3 does not have effect in relation to that AIFM.
(3) In regulation 71(5)(d) of the principal regulations (in so far as it continues to apply by virtue of paragraph (2)) for “that is entitled to market an AIF following notification under regulation 58” substitute “ to which the requirement at regulation 58(3) applies ”;
Textual Amendments
F1Sch. 2 para. 4(1)(c)(i) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 21(3)(a) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
F2Sch. 2 para. 4(1)(c)(ii) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 21(3)(b) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
5.—(1) Sub-paragraph (2) applies where—U.K.
(a)an AIFM has given a notification under regulation 59(1) of the principal regulations (marketing under Article 42 of the directive) in respect of an AIF,
(b)an investor has acquired units or shares of the AIF as a result of marketing that is permitted because of that notification, and
(c)the AIFM is not authorised in accordance with Article 37 of the directive in respect of the AIF.
(2) The substitution of regulation 34 of the principal regulations and the revocation of regulations 59(3) and (4)(a) and 71(5)(e) of the principal regulations by paragraph 3 do not have effect in relation to that AIFM.
6. Any expression used in this Part that is used in the principal regulations has the same meaning as in the principal regulations.U.K.
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