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The Alternative Investment Fund Managers Regulations 2013
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- UK Statutory Instruments
- 2013 No. 1773
- PART 8
- Regulation 71
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Changes to legislation:
The Alternative Investment Fund Managers Regulations 2013, Section 71 is up to date with all changes known to be in force on or before 16 April 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
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Changes and effects yet to be applied to Regulation 71:
- reg. 71(5)(c)-(e) omitted by S.I. 2013/1797 Sch. 2 para. 3(9) (This amendment comes into force on the date specified by the delegated act adopted by the European Commission pursuant to Article 68.6 of the directive as the date when the national regimes set out in Articles 36 and 42 of the directive are to be terminated. No such date has as yet been specified)
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- reg. 2(1)(c) words inserted by S.I. 2013/1797 Sch. 1 para. 2(2)(c)(ii) (This amendment not applied to legislation.gov.uk. This amendment is omitted (20.2.2019) by virtue of S.I. 2019/328, reg. 20(3)(a)(ii) without ever being in force)
- reg. 2(4) inserted by S.I. 2013/1797 Sch. 1 para. 2(3) (This amendment comes into force on the date specified by the delegated act adopted by the European Commission pursuant to Article 67.6 of the directive as the date when the rules set out in Articles 35 and 37 to 41 of the directive become applicable. No such date has as yet been specified)
- reg. 5A amendment to earlier affecting provision S.I. 2013/1797 Sch. 1 para. 2(5) by S.I. 2019/328 reg. 20(3)(b) (This S.I. is amended by S.I. 2019/325, reg. 58; This amendment not applied to legislation.gov.uk. The original amendments by S.I. 2013/1797 are prospective)
- reg. 5A inserted by S.I. 2013/1797 Sch. 1 para. 2(5) (This amendment comes into force on the date specified by the delegated act adopted by the European Commission pursuant to Article 67.6 of the directive as the date when the rules set out in Articles 35 and 37 to 41 of the directive become applicable. No such date has as yet been specified)
- reg. 8 8A amendment to earlier affecting provision S.I. 2013/1797 Sch. 1 para. 2(6) by S.I. 2019/328 reg. 20(3)(c) (This S.I. is amended by S.I. 2019/325, reg. 58; This amendment not applied to legislation.gov.uk. The original amendments by S.I. 2013/1797 are prospective)
- reg. 8 8A substituted for reg. 8 by S.I. 2013/1797 Sch. 1 para. 2(6) (This amendment not applied to legislation.gov.uk. This amendment is omitted (20.2.2019) by virtue of S.I. 2019/328, reg. 20(3)(c) without ever being in force)
- reg. 29(1)(b) substituted by S.I. 2013/1797 Sch. 2 para. 3(3) (This amendment comes into force on the date specified by the delegated act adopted by the European Commission pursuant to Article 68.6 of the directive as the date when the national regimes set out in Articles 36 and 42 of the directive are to be terminated. No such date has as yet been specified)
- reg. 49(c) and word inserted by S.I. 2013/1797 Sch. 1 para. 2(10)(d) (This amendment not applied to legislation.gov.uk. This amendment is omitted (20.2.2019) by virtue of S.I. 2019/328, reg. 20(3)(e) without ever being in force)
- reg. 49(c) omitted by S.I. 2013/1797 Sch. 2 para. 3(5)(c) (This amendment comes into force on the date specified by the delegated act adopted by the European Commission pursuant to Article 68.6 of the directive as the date when the national regimes set out in Articles 36 and 42 of the directive are to be terminated. No such date has as yet been specified)
- reg. 54(9) amendment to earlier affecting provision S.I. 2013/1797 Sch. 1 para. 2(12)(b) by S.I. 2019/328 reg. 20(3)(h) (This S.I. is amended by S.I. 2019/325, reg. 58; This amendment not applied to legislation.gov.uk. The original amendments by S.I. 2013/1797 are prospective)
- reg. 54(9)(10) inserted by S.I. 2013/1797 Sch. 1 para. 2(12)(b) (This amendment comes into force on the date specified by the delegated act adopted by the European Commission pursuant to Article 67.6 of the directive as the date when the rules set out in Articles 35 and 37 to 41 of the directive become applicable. No such date has as yet been specified)
- reg. 56-56C substituted for reg. 56 by S.I. 2013/1797 Sch. 2 para. 3(7) (This amendment comes into force on the date specified by the delegated act adopted by the European Commission pursuant to Article 68.6 of the directive as the date when the national regimes set out in Articles 36 and 42 of the directive are to be terminated. No such date has as yet been specified)
- reg. 59(5) amendment to earlier affecting provision S.I. 2013/1797 Sch. 1 para. 2(15)(b) by S.I. 2019/328 reg. 20(3)(i)(ii) (This S.I. is amended by S.I. 2019/325, reg. 58; This amendment not applied to legislation.gov.uk. The original amendments by S.I. 2013/1797 are prospective)
- reg. 59(5)(6) inserted by S.I. 2013/1797 Sch. 1 para. 2(15)(b) (This amendment comes into force on the date specified by the delegated act adopted by the European Commission pursuant to Article 67.6 of the directive as the date when the rules set out in Articles 35 and 37 to 41 of the directive become applicable. No such date has as yet been specified)
[F1Application of provisions of the Act to unauthorised AIFMsU.K.
This section has no associated Explanatory Memorandum
71.—(1) The following provisions of the Act apply in respect of an unauthorised AIFM as they apply in respect of an authorised person—
(a)section 165 M1 (regulators' power to require information: authorised persons etc.);
(b)section 166 M2 (reports by skilled persons);
(c)section 167 M3 (appointment of persons to carry out general investigations);
(d)section 176(3) (entry of premises under warrant);
(e)section 205 M4 (public censure);
(f)section 206 M5 (financial penalties).
(2) The following provisions of the Act apply in relation to the exercise of the powers under the provisions applied by paragraph (1)(a) to (c) as they apply in relation to the exercise of those powers in respect of authorised persons—
(a)section 169 M6 (investigations etc. in support of overseas regulator);
(b)section 170 M7 (investigations: general);
(c)section 171 M8 (powers of persons appointed under section 167);
(d)section 174 M9 (admissibility of statements made to investigators);
(e)section 175 M10 (information and documents: supplemental provisions);
(f)section 176 M11 (entry of premises under warrant);
(g)section 176A M12 (retention of documents taken under section 176);
(h)section 177 M13 (offences).
(3) Sections 207 to 211 of, and paragraph 20 of Schedule 1ZA to, the Act M14 apply in relation to the exercise of the FCA's powers under section 205 or 206 of the Act as applied by paragraph (1)(e) and (f) as they apply in relation to their exercise in respect of authorised persons.
(4) Unauthorised AIFMs are to be treated as regulated persons for the purposes of paragraph 21 of Schedule 1ZA to the Act.
(5) In this regulation “unauthorised AIFM” means a person who is not an authorised person but who is—
(a)a small registered UK AIFM;
(b)a small registered [F2Gibraltar AIFM];
(c)a full-scope [F3Gibraltar AIFM] that is entitled to market an AIF following a notification under regulation 57;
(d)an AIFM that is entitled to market an AIF following a notification under regulation 58;
(e)an AIFM to which the requirement at regulation 59(3) applies; F4...
(f)a full-scope [F5Gibraltar AIFM] that is exercising a right to market an AIF arising out of the EuSEF Regulation or the EuVECA Regulation [F6; or
(g)an AIFM to which regulation 75 (closed-ended AIFs whose subscription period has closed) applies]]
Textual Amendments
F1Regulations revoked (14.12.2023 for the revocation of reg. 79) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(vi)
F2Words in reg. 71(5)(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 13 (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
F3Words in reg. 71(5)(c) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 13 (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
F4Word in reg. 71(5)(e) omitted (16.6.2014) by virtue of The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(4)(a) (as amended by S.I. 2014/1313, arts. 1, 2(a))
F5Words in reg. 71(5)(f) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 13 (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
F6Reg. 71(5)(g) and preceding word added (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(4)(b) (as amended by S.I. 2014/1313, arts. 1, 2(a))
Marginal Citations
M1Section 165 was amended by paragraph 15 of Schedule 2 to the Financial Services Act 2010 and paragraph 1 of Schedule 12 to the Financial Services Act 2012.
M2Section 66 was substituted by paragraph 5 of Schedule 12 to the Financial Services Act 2012.
M3Section 167 was amended by paragraph 7 of Schedule 12 to the Financial Services Act 2012 and by S.I. 2007/126.
M4Section 205 was amended by paragraphs 1 and 11 of Schedule 9 to the Financial Services Act 2012.
M5Section 206 was amended by section 10 of the Financial Services Act 2010 and by paragraphs 1 and 12 of Schedule 9 to the Financial Services Act 2012.
M6Section 169 was amended by paragraph 9 of Schedule 12 to the Financial Services Act 2012.
M7Section 170 was amended by paragraph 10 of Schedule 12 to the Financial Services Act 2012.
M8Section 171 was amended by S.I. 2007/126.
M9Section 174 was amended by paragraph 12 of Schedule 12 to the Financial Services Act 2012.
M10Section 175 was amended by paragraph 13 of Schedule 12 to the Financial Services Act 2012.
M11Section 176 was amended by paragraph 17 of Schedule 2 to the Financial Services Act 2010, paragraph 14 of Schedule 12 to the Financial Services Act 2012 and S.I. 2005/1433.
M12Section 176A was inserted by paragraph 15 of Schedule 12 to the Financial Services Act 2012.
M13Section 177 was amended by paragraph 8 of Schedule 8 to the Financial Services Act 2012 and S.I. 2001/1090.
M14Sections 207 to 211 were amended by paragraphs 18, 19 and 20 of Schedule 2 to the Financial Services Act 2010 and by paragraphs 1, 14, 15, 16, 17 and 18 of Schedule 9 to the Financial Services Act 2012. Schedule 1ZA was substituted by Schedule 3 to the 2012 Act.
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