The Alternative Investment Fund Managers (Amendment) Regulations 2013

PART 2 Transitional provisions relating to marketing by third country AIFMs

4.—(1) Sub-paragraphs (2) and (3) apply where—

(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—

(i) registered in accordance with Article 3 of the directive in respect of the AIF otherwise than by virtue of that notification, or

(ii) authorised in accordance with Article 37 of the directive in respect of the AIF.

(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”;

5.—(1) Sub-paragraph (2) applies where—

(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.