The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019
| Jurisdiction | UK Non-devolved |
| Citation | SI 2019/328 |
| Year | 2019 |
(1) These Regulations may be cited as the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019.(2) Regulations 1 and 14 of these Regulations come into force on the day after the day on which the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 are made.(3) The other provisions in these Regulations come into force on exit day.The Alternative Investment Fund Managers Regulations 2013
omit the definition of “Article 36 custodian”;omit the definition of “competent authority”;in the definition of “depositary” for “at Article 21.1 of the directive” substitute “ in rule 3.11.4 of the Investment Funds sourcebook ” ;for the definition of “EEA AIF” substitute—“ if the provision was relied on before F100IP completion day to implement the directive, or replaces such a provision ” ;after the definition of “internal AIFM” insert—“ applying to a full-scope UK AIFM ” ;omit the definition of “small registered EEA AIFM”;in the definition of “third country” for “an EEA state” substitute “ the United Kingdom ” ;in the definition of “third country AIF”, for “neither an EEA AIF” substitute “ neither a Gibraltar AIF ” ;after the definition of “third country feeder AIF”, insert—“ the United Kingdom ” ;for the definition of “UK ELTIF after the definition of “UK ELTIF”, insert—“ which forms part of retained EU law ” .(3) Omit regulation 2(3A) (4) At the end of regulation 2, insert—
- “EEA AIF” means an AIF which—
- (a) is authorised or registered under the applicable law in an EEA state, or has its registered office or head office in an EEA State; and
- (b) was marketed in the United Kingdom before F98IP completion day under these Regulations;
- “EuSEF” means a European social entrepreneurship fund registered under Article 15a of the EuSEF Regulation as that Regulation applies in the European Union;
- “EuVECA” means a European venture capital fund registered under Article 14a of the EuVECA Regulation as that Regulation applies in the European Union;
- “FCA” means the Financial Conduct Authority;
- “full-scope Gibraltar AIFM” means an AIFM which is authorised to manage AIFs under Part 4 of the Financial Services (Alternative Investment Fund Managers) Regulations 2013 of Gibraltar which is not a small AIFM within the meaning of regulation 8 of those Regulations;“Gibraltar AIF” means an AIF which is authorised or registered under the national law in Gibraltar, or has its registered office or head office in Gibraltar;“Gibraltar AIFM” means a Gibraltar AIFM which is authorised to manage AIFs under Part 4 of the Financial Services (Alternative Investment Fund Managers) Regulations 2013 of Gibraltar which is exercising an entitlement under the Financial Services and Markets Act 2000 (Gibraltar) Order 2001 to establish a branch or provide services in the United Kingdom;
- (c) by any other EU Regulation which was made under the directive before F99IP completion day, and forms part of retained EU law;
- “issuer” means a company which has its registered office in the United Kingdom and the shares of which are admitted to trading on a UK regulated market, within the meaning of Article 2(1) (13A) of Regulation (EU) 600/2014 on markets in financial instruments;“leverage” means any method by which the AIFM increases the exposure of an AIF it manages whether through borrowing of cash or securities, or leverage embedded in derivative positions or by any other means;
- “non-listed company” means a company which has its registered office in the United Kingdom and the shares of which are not admitted to trading on a UK regulated market within the meaning of Article 2(1) (13A) of Regulation (EU) 600/2014 on markets in financial instruments;
- “professional investor” means an investor who is considered to be a professional client within the meaning of Article 2(1) (8) of Regulation (EU) 600/2014 on markets in financial instruments;
- “RVECA Manager” means the manager of a venture capital fund that is registered in accordance with Article 14 of the EuVECA Regulation;
- “RVECA” means a venture capital fund which is registered by the FCA in accordance with Article 14a of the EuVECA Regulation;“SEF” means a social entrepreneurship fund which is registered by the FCA in accordance with Article 15a of the EuSEF Regulation;“SEF Manager” means the manager of a qualifying social entrepreneurship fund that is registered in accordance with Article 15 of the EuSEF Regulation;
- “third country AIF custodian” has the meaning given in regulation 57(5) (a)
- “UK UCITS” has the meaning given in section 237(3) of the Act;
- (5) Any reference in these Regulations to a sourcebook is to a sourcebook in the Handbook of Rules and Guidance published by the FCA containing rules made and guidance issued by the FCA under the Financial Services and Markets Act 2000 as it has effect on F101IP completion day.
- (6) Any reference in these Regulations to any EU Regulation, EU decision or EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018 ) is, unless the contrary intention appears, to be treated as a reference to that EU regulation, EU decision or EU tertiary legislation as it has effect on the day on which the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2018 are made.
- (b) is not a UK UCITS;
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