The Alternative Investment Fund Managers Order 2014
| Jurisdiction | UK Non-devolved |
| Citation | SI 2014/1292 |
| Year | 2014 |
(1) This Order may be cited as the Alternative Investment Fund Managers Order 2014.(2) This Order, except for article 6 (amendment to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001) , comes into force on F1816th June 2014.(3) Article 6 comes into force on F2022nd July 2014.in subsection (1) for “five” substitute after subsection (5A) insert— the regulated activity being carried on by the person is the regulated activity of managing an AIF;has its registered office in an EEA State; oris marketed in an EEA State;the person's registered office is in the United Kingdom or, if the person does not have a registered office, the person's head office is in the United Kingdom; andthe activity is carried on from an establishment maintained in a country or territory outside the EEA.in subsection (6) for “(5A) ” substitute after subsection (7) insert— In this section “marketing”, in relation to an AIF, is to be read in accordance with the definition of “marketing” in Article 4.1(x) of the alternative investment fund managers directive .(1) The Financial Services and Markets Act 2000 (Gibraltar) Order 2001 (2) In article 1(2) (interpretation) for the definition of “Gibraltar-based firm” substitute—“ , (3C) and (3D) ” ; andfor “and (f) ” substitute “ , (f) and (h) ” ;for “or (3C) ”, on each occasion it occurs, substitute “ , (3C) or (3D) ” ;after “references in Schedule 3” insert “ , article 51ZD of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 for “and Part 4 of the Undertakings for Collective Investment in Transferable Securities Regulations 2011” substitute “ Part 4 of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 and the Alternative Investment Fund Managers Regulations 2013 in paragraph (7) for “or (3C) ” substitute “ , (3C) or (3D) ” .(4) In article 3(3) (EEA firms satisfying conditions under Gibraltar law) for “7” substitute “ 7A ” .(5) In article 4(3) (exercise by UK firms of deemed passport rights in Gibraltar) , for “and article 77 of the Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001” substitute “ , article 77 of the Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001 and the Alternative Investment Fund Managers Regulations 2013 ” .(1) The Alternative Investment Fund Managers Regulations 2013 (2) In regulation 2 (interpretation) , after paragraph (3) insert—“ or the Alternative Investment Fund Managers Order 2014 ” ;after paragraph (6) insert—
- “(5AA) The sixth case is where—
- (a) the regulated activity being carried on by the person is the regulated activity of managing an AIF;
- (b) the AIF being managed—
- (i) has its registered office in an EEA State; or
- (ii) is marketed in an EEA State;
- “Gibraltar-based firm” means—
- (a) an AIFM (as defined in Article 4.1(b) of the alternative investment fund managers directive ) which is authorised in Gibraltar in accordance with the alternative investment fund managers directive; or
- (3D) A Gibraltar-based firm falling within paragraph 5(h) of Schedule 3 is to be treated as having an entitlement, corresponding to its EEA right deriving from the alternative investment fund managers directive, to establish a branch or provide services in the United Kingdom.
- (3A) Any reference in these Regulations to an EEA State other than the United Kingdom is to be read as including reference to Gibraltar.
- (4) Sections 55Y (exercise of own-initiative power: procedure) and 55Z3(2) (right to refer matters to the Tribunal) of the Act apply to a direction to an AIFM under paragraph (1) or (2) as they apply to a requirement imposed on an authorised person under section 55L(3) of the Act (imposition of requirements by the FCA) .
- ; or
- (g) an AIFM to which regulation 75 (closed-ended AIFs whose subscription period has closed) applies
- (6A) Paragraphs (6B) and (6C) apply where a UK AIFM falling within paragraph (1) submits an application in accordance with paragraph (3) (a) or (b) , but on 22nd July 2014—
- (a) where the application was submitted in accordance with paragraph (3) (a) , the AIFM does not have a Part 4A permission to carry on the regulated activity of managing an AIF;
- (b) where the application was submitted in accordance with paragraph (3) (b) , the AIFM is not a small registered UK AIFM;
- (c) the AIFM has not received a decision notice from the FCA or the PRA refusing the application; and
- (d) the AIFM has not withdrawn the application in accordance with section 55V(4) of the Act (determination of applications) .
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