The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019

Made: 20th February 2019

Coming into force in accordance with regulation 1(2) and (3)

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PART 1 — General

Citation and commencement

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PART 2 — Amendment of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018

Amendment of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018

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PART 3 — Amendment of Regulation (EU) 2015/760

Amendment of Regulation (EU) 2015/760

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Subject matter and objective

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Definitions

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Authorisation and central public register

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Designation and prohibition on transformation

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Application for authorisation as an LTIF

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Conditions for granting authorisation as an LTIF

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Applicable rules and liability

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Obligations concerning the investment policies of LTIFs

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Investment compartments

12

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Eligible investments

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Eligible investment assets

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Qualifying portfolio undertaking

15

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Conflict of interest

16

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Portfolio composition and diversification

17

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Rectification of investment positions

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Concentration

19

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Borrowing of cash

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Application of portfolio composition and diversification rules

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Redemption, trading and issue of units or shares of an LTIF and distribution of proceeds and capital

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Redemption policy and life of LTIFs

23

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Secondary market

24

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Issuance of new units or shares

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Disposal of LTIF assets

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Distribution of proceeds and capital

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Transparency

28

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Additional requirements of the prospectus

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Cost disclosure

30

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Facilities available to investors

31

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Internal assessment process for LTIFs marketed to retail investors

32

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Specific requirements concerning the distribution of LTIFs to retail investors

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Specific provisions concerning the depository of an LTIF marketed to retail investors

34

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Additional requirements for marketing LTIFs to retail investors

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Marketing of units or shares of LTIFs

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Supervision by the FCA

37

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Powers of the FCA

38

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Omission of Articles 34 to 37

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Omission of words after Article 38

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Signed

Craig Whittaker — Paul Maynard — Two of the Lords Commissioners of Her Majesty's Treasury — 2019-02-20

Explanatory note

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Footnotes

[^f00001]: 2018 c. 16.

[^f00002]: S.I. 2018/1115.

[^f00003]: OJ L 81, 23.3.2018, p. 1.

[^f00004]: S.I. 2013/1773.

[^f00005]: OJ L 123/98.

[^f00006]: 2000 c. 8.

[^f00007]: OJ No L 115, 25.4.2013, p.1, as amended by Regulation (EU) No. 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds (OJ L 293, 10.11.2017).

[^f00008]: OJ No L 115, 25.4.2013, p.18, as amended by Regulation (EU) No. 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds (OJ L 293, 10.11.2017).

[^f00009]: OJ L 123/98.

[^f00010]: OJ L 123/98.

[^f00011]: S.I. 2001/1228.

Editorial notes