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The European Long-term Investment Funds Regulations 2015

Consolidated Text Cited authorities 26 Cited in Amendments 18 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2015/1882
Year2015
  • These Regulations may be cited as the European Long-term Investment Funds Regulations 2015 and come into force on 3rd December 2015.
  • In these Regulations—
    • (1) The Financial Services and Markets Act 2000 is amended as follows.omit the “or” at the end of sub-paragraph (ii) ;at the end of sub-paragraph (iii) insert “; or”;after sub-paragraph (iii) insert—
      (iv) a provision of Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29th April 2015 on European Long-term Investment Funds or any directly applicable regulation made under that Regulation.
    .    a provision of Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29th April 2015 on European Long-term Investment Funds or any directly applicable regulation made under that Regulation.omit the “or” at the end of paragraph (a) ;at the end of paragraph (b) , insert “; or”;after paragraph (b) insert—
    • (c) Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29th April 2015 on European Long-term Investment Funds or any directly applicable regulation made under that Regulation.
    .    Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29th April 2015 on European Long-term Investment Funds or any directly applicable regulation made under that Regulation.omit the “or” at the end of paragraph (d) ;at the end of paragraph (e) , insert “; or”;after paragraph (e) insert—
    • (f) Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29th April 2015 on European Long-term Investment Funds.
    .    Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29th April 2015 on European Long-term Investment Funds.(1) The Alternative Investment Fund Managers Regulations 2013(2) In regulation 2(1) (3) After Part 3 (Small AIFMs) insert—
      (PART 3A) ELTIFs(23A) Manner of application for ELTIF authorisation
    • (1) An application for authorisation as a UK ELTIF under Article 5 of the ELTIF Regulation must—
    • (a) be made in such manner as the FCA may direct; and
    • (b) contain or be accompanied by such information as the FCA may reasonably require for the purpose of determining the application.
    be made in such manner as the FCA may direct; andcontain or be accompanied by such information as the FCA may reasonably require for the purpose of determining the application.At any time after receiving an application and before determining it, the FCA may require the applicant to provide it with such further information as it considers necessary to enable it to determine the application.Different directions may be given, and different requirements imposed, in relation to different applications or categories of applications.The FCA may require an applicant to provide information which it is required to give under paragraph (1) (b) or paragraph (2) of this regulation in such form, or to verify it in such manner, as the FCA may specify.If the FCA proposes to refuse an application made by a UK AIF for authorisation as a UK ELTIF under Article 5 of the ELTIF Regulation it must give the applicant a warning notice.it must give the applicant a decision notice; andthe applicant may refer the matter to the Tribunal.If the FCA proposes to revoke the authorisation of a UK ELTIF, the FCA must give separate warning notices to the AIFM and the depositary of the ELTIF.the FCA must give each of the AIFM and the depositary a decision notice; andeither of them may refer the matter to the Tribunal.(4) After regulation 30(6) (depositary liability for loss of financial instruments held in custody) , insert—
    • (7) Paragraphs (4) and (5) do not apply to a depositary of an EEA ELTIF or a UK ELTIF that is marketed to retail investors under Chapter V of the ELTIF Regulation.
    .    Paragraphs (4) and (5) do not apply to a depositary of an EEA ELTIF or a UK ELTIF that is marketed to retail investors under Chapter V of the ELTIF Regulation.(5) After regulation 32(2) (depositary liability and third country custodians) insert—
    • (3) This regulation does not apply to a depositary of an EEA ELTIF or a UK ELTIF that is marketed to retail investors under Chapter V of the ELTIF Regulation.
    .    This regulation does not apply to a depositary of an EEA ELTIF or a UK ELTIF that is marketed to retail investors under Chapter V of the ELTIF Regulation.(6) After regulation 52(1) (b) (contravention by unauthorised person) insert—
    • (c) by an AIFM that is not an authorised person in contravention of a provision of the ELTIF Regulation.
    .    by an AIFM that is not an authorised person in contravention of a provision of the ELTIF Regulation.(7) After regulation 53(1) (b) (contravention by authorised person) insert—
    • (c) by an authorised person that is a full-scope UK AIFM in contravention of a provision of the ELTIF Regulation.
    .    by an authorised person that is a full-scope UK AIFM in contravention of a provision of the ELTIF Regulation.
  • In the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
    • A communication permitted by Article 30 or 31 of Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29th April 2015 on European Long-term Investment Funds is to be treated as authorised by an enactment other than the Act for the purposes of paragraph (1) .
  • In the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001
    • A communication permitted by Article 30 or 31 of Regulation (EU) No 2015/760 of the European Parliament and of the Council of 29th April 2015 on European Long-term Investment Funds is to be treated as authorised by another enactment for the purposes of paragraph (1) .(1) The Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001(2) In regulation 1(2) (3) For regulation 2(4) 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; orany activities undertaken as an authorised manager of an ELTIF, as permitted by the ELTIF Regulation.in paragraph (i) remove the “or” at the end;after paragraph (i) , insert—
      (ai) undertakes activities as an authorised manager of an ELTIF, as permitted by the ELTIF Regulation; or
    .    undertakes activities as an authorised manager of an ELTIF, as permitted by the ELTIF Regulation; or(5) For regulation 4(e) services specified by Annex I to

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