The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019

Made: 19th February 2019

Coming into force in accordance with regulation 1

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PART 1 — Introduction

Citation and commencement

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PART 2 — Amendment of secondary legislation

CHAPTER 1 — Amendment of the Alternative Investment Fund Managers Regulations 2013

Amendment of the Alternative Investment Fund Managers Regulations 2013

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Introductory provisions

3

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Authorisation of full-scope UK AIFMS

4

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SEFs, RVECAs and small AIFMs

5

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ELTIFs

6

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Operating conditions

7

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Depositaries

8

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AIFs and control

9

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Marketing of AIFs

10

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Duties and powers of the FCA

11

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Transfer of Directive Functions

12

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Application of provisions of the Act

13

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Transitional provisions

14

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Final provisions

15

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CHAPTER 2 — Amendment of the Alternative Investment Fund Managers (Amendment) Regulations 2013

Alternative Investment Fund Managers (Amendment) Regulations 2013

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Commencement

17

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Amendments

18

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Consultation on rules for the purposes of Article 35 or 37 to 41 of the directive

19

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Schedule 1

20

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Schedule 2

21

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PART 3 — Amendment of EU delegated legislation

Commission Delegated Regulation (EU) No 231/2013

22

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Definitions and general

23

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Operating conditions for AIFMs: general principles

24

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Conflicts of interest

25

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Risk management

26

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Liquidity management

27

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Investment in securitisation positions

28

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Organisational requirements: general principles

29

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Valuation

30

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Delegation of AIFM functions

31

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Depositary: particulars of written contract

32

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Depositaries in third countries

33

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Depositary functions, due diligence duties and segregation obligation

34

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Loss of financial instruments, liability discharge and objective reasons

35

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Transparency requirements etc: annual report, disclosure and reporting

36

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Transparency requirements etc: AIFMs managing leveraged AIFs

37

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Rules relating to third countries

38

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Exchange of information

39

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Final provisions and annexes

40

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Commission Implementing Regulation (EU) No 447/2013

41

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Commission Implementing Regulation (EU) No 448/2013

42

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Commission Delegated Regulation (EU) No 2015/514

43

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Signed

Jeremy Quin — Craig Whittaker — Two of Her Majesty's Lords Commissioners of Her Majesty's Treasury — 2019-02-19

Explanatory note

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Footnotes

[^f00001]: 2018 c. 16.

[^f00002]: S.I. 2013/1773.

[^f00003]: The definition of EEA ELTIF was inserted by S.I. 2015/1882.

[^f00004]: The definition of ELTIF was inserted by S.I. 2015/1882.

[^f00005]: The definition of external valuer is amended by S.I. 2013/1797.

[^f00006]: L.N. 2013/103.

[^f00007]: L.N. 2013/103.

[^f00008]: S.I. 2001/3084.

[^f00009]: As amended by these Regulations.

[^f00010]: The definition of UK ELTIF was inserted by S.I. 2015/1882,

[^f00011]: Paragraph (3A) was inserted by S.I. 2014/1292.

[^f00012]: 2018 c. 16.

[^f00013]: 1993 c. 48. Section 1(1) was amended by s.239 of the Pensions Act 2004 (c. 35).

[^f00014]: Regulation 5(8) is amended by S.I. 2013/1797.

[^f00015]: 2000 c. 8.

[^f00016]: Regulations 11(5), 12(1A) and 13(3) were inserted by S.I. 2018/134.

[^f00017]: Regulations 23A to 23C and the heading to Part 3A were inserted by S.I. 2015/1882.

[^f00018]: Regulations 30(7) and 32(3) were inserted by S.I. 2015/1882.

[^f00019]: Regulation 29(1) is amended by S.I. 2013/1797, but those amendments are not yet in force.

[^f00020]: S.I. 1999/2979, to which there are amendments which are not relevant to this instrument.

[^f00021]: Regulation 33 is amended by S.I. 2013/1797, but those amendments are not yet in force.

[^f00022]: 2006 c. 46.

[^f00023]: Regulation 49 is amended by S.I. 2013/1797.

[^f00024]: Regulation 50 is amended by S.I. 2013/1797.

[^f00025]: Regulation 54 is amended by S.I. 2013/1797.

[^f00026]: Regulation 56 is amended by S.I. 2013/1797.

[^f00027]: Regulations 57 to 64 are revoked by S.I. 2013/1797, but that revocation is not yet in force.

[^f00028]: L.N. 2013/103.

[^f00029]: S.I. 2013/1773. Regulations 50 is amended and regulation 59 is revoked by S.I. 2013/1797, but those amendments have not yet come into force.

[^f00030]: Regulations 62 to 64 are revoked by S.I. 2013/1797, but the revocation is not yet in effect.

[^f00031]: Regulation 71(5) is amended by 2013/1797.

[^f00032]: OJ L115, 25.4.2013, p.1.

[^f00033]: OJ L 115, 25.4.2013, p.18.

[^f00034]: Regulations 57 to 64 are revoked by S.I. 2013/1797, with effect from a date to be specified by the delegated act adopted by the Commission pursuant to Article 68.6 of directive 2011/61/EU of the European Parliament and the Council of 8 June 2011 on Alternative Investment Fund Managers.

[^f00035]: S.I. 2013/1797.

[^f00036]: The powers in this paragraph are transferred from Article 3(6) of the Alternative Investment Fund Managers Directive (2011/61/EU) (“Directive 2011/61/EU”).

[^f00037]: The powers in this paragraph are transferred from Article 4(3) of Directive 2011/61/EU.

[^f00038]: The powers in this paragraph are transferred from Article 9(9) of Directive 2011/61/EU.

[^f00039]: The powers in this paragraph are transferred from Article 12(3) of Directive 2011/61/EU.

[^f00040]: The powers in this paragraph are transferred from Article 14(4) of Directive 2011/61/EU.

[^f00041]: The powers in this paragraph are transferred from Article 15(5) of Directive 2011/61/EU.

[^f00042]: The powers in this paragraph are transferred from Article 16(3) of Directive 2011/61/EU.

[^f00043]: The powers in this paragraph are transferred from Article 18(2) of Directive 2011/61/EU.

[^f00044]: The powers in this paragraph are transferred from Article 19(11) of Directive 2011/61/EU.

[^f00045]: The powers in this sub-paragraph are transferred from Article 20(7)(a) of Directive 2011/61/EU.

[^f00046]: The powers in this sub-paragraph are transferred from Article 20(7)(b) of Directive 2011/61/EU.

[^f00047]: The powers in this paragraph are transferred from Article 21(17) of Directive 2011/61/EU.

[^f00048]: The powers in this paragraph are transferred from the final sub-paragraph of Article 21(6) of Directive 2011/61/EU.

[^f00049]: The powers in this paragraph are transferred from Article 22(4) of Directive 2011/61/EU.

[^f00050]: The powers in this paragraph are transferred from Article 23(6) of Directive 2011/61/EU.

[^f00051]: The powers in this paragraph are transferred from Article 24(6) of Directive 2011/61/EU.

[^f00052]: The powers in this paragraph are transferred from Article 25(9) of Directive 2011/61/EU.

[^f00053]: The powers in this paragraph are transferred from Articles 32(8); 35(16); 39(10) and 40(16) of Directive 2011/61/EU.

[^f00054]: The powers in this sub-paragraph are transferred from Article 34(2) of Directive 2011/61/EU.

[^f00055]: S.I. 2013/1797.

[^f00056]: The powers in this sub-paragraph are transferred from Article 35(11) of Directive 2011/61/EU.

[^f00057]: The powers in this paragraph are transferred from Article 35(13) of Directive 2011/61/EU.

[^f00058]: The powers in this paragraph are transferred from Article 37(1) and 40(14) of Directive 2011/61/EU.

[^f00059]: The powers in this paragraph are transferred from Article 35(14), 37(18) and 40(14) of Directive 2011/61/EU.

[^f00060]: The powers in this paragraph are transferred from Article 36(3), 37(15), 40(11) and 42(3) of Directive 2011/61/EU.

[^f00061]: The powers in this paragraph are transferred from Article 50(6) of Directive 2011/61/EU.

[^f00062]: The powers in this paragraph are transferred from Article 54(4) of Directive 2011/61/EU.

[^f00063]: The powers in this paragraph are transferred from Article 33(7) and (8) of Directive 2011/61/EU.

[^f00064]: The powers in this paragraph are transferred from Article 7(6) and (7) of Directive 2011/61/EU.

[^f00065]: The powers in this paragraph are transferred from Article 4(4) of Directive 2011/61/EU.

[^f00066]: Paragraph 2C was substituted, with paragraphs 1A to 7A, for the original Parts I, II by S.I. 2013/555.

[^f00067]: The powers in this paragraph are transferred from Article 8(6) of Directive 2011/61/EU.

[^f00068]: The powers in this paragraph are transferred from Article 37(23) of Directive 2011/61/EU.

[^f00069]: S.I. 2013/1797.

[^f00070]: Sections 138I to 138L was substituted, with the rest of Part 9A for the original Part X by section 24(1) of Financial Services Act 2012 (c. 21).

[^f00071]: Sub-paragraph (4) was amended by S.I. 2014/1292.

[^f00072]: S.I. 2013/1773. Regulations 50 is amended and regulation 59 is revoked by S.I. 2013/1797, but those amendments have not yet come into force.

[^f00073]: 2000 c. 8.

[^f00074]: Paragraph 4A is inserted by regulation 10(9)(e) of these Regulations.

[^f00075]: 2000 c. 8. Section 236A was inserted by the Collective Investment Schemes (Amendment) (EU Exit) Regulations 2018.

[^f00076]: Section 237(3) was amended by paragraph 9 of Schedule 18 to the Financial Services Act 2012 (c. 21), S.I. 2011/1613 and S.I. 2013/1388. There are other amendments to section 237(3) which are not relevant.