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The European Long-term Investment Funds Regulations 2015
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- UK Statutory Instruments
- 2015 No. 1882
- Regulation 7
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Amendment to the Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001
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7.—(1) The Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001(1) is amended as follows.
(2) In regulation 1(2)(2) (citation, commencement and interpretation) insert the following definition in the appropriate place—
““ELTIF” means a UK AIF that has been authorised by the FCA as a European long-term investment fund under Article 6 of Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29th April 2015 on European Long-term Investment Funds.”.
(3) For regulation 2(4)(3) (persons not to be regarded as relevant persons) substitute—
“(4) A relevant AIFM is prescribed in relation to all authorised activities other than—
(a)any services specified by Annex I to the alternative investment fund managers directive provided in respect of an authorised trust scheme, an authorised contractual scheme or an authorised open-ended investment company; or
(b)any activities undertaken as an authorised manager of an ELTIF, as permitted by the ELTIF Regulation.”.
(4) In regulation 3(1)(d)(4) (persons who may elect to participate)—
(a)in paragraph (i) remove the “or” at the end;
(b)after paragraph (i), insert—
“(ai)undertakes activities as an authorised manager of an ELTIF, as permitted by the ELTIF Regulation; or”.
(5) For regulation 4(e)(5) (persons in respect of whom inspection under section 224 does not apply) substitute—
“(e)any relevant AIFM to the extent that it provided services in the United Kingdom other than—
(i)services specified by Annex I to the alternative investment fund managers directive that were provided in respect of an authorised unit trust scheme, an authorised contractual scheme or an authorised open-ended investment company; or
(ii)activities undertaken as an authorised manager of an ELTIF, as permitted by the ELTIF Regulation; and”.
(1)
(2)
Regulation 1(2) was amended by S.I. 2003/2066, S.I. 2011/1613, S.I. 2013/3115, S.I. 2013/1773 and S.I. 2015/910.
(3)
Regulation 2(4) was inserted by S.I. 2013/1773.
(4)
Regulation 3(1) was amended by S.I. 2003/2066, S.I. 2003/1476, S.I. 2013/1773 and S.I. 2015/910.
(5)
Regulation 4(e) was inserted by S.I. 2013/1773.
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