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  1. Introductory Text

  2. PART 1 Introductory provisions

    1. 1.Citation and commencement

    2. 2.Interpretation

    3. 3.Meaning of “AIF”

    4. 4.Meaning of “AIFM”, “managing an AIF”, “external AIFM” and “internal AIFM”

  3. PART 2 Authorisation of full-scope UK AIFMs

    1. 5.Applications for Part 4A permission

    2. 6.Supplementary provisions about AIFMs

    3. 7.Changes in conditions relevant to authorisation

    4. 8.Notification to ESMA

  4. PART 3 Small AIFMs

    1. 9.Meaning of “small AIFM”

    2. 10.Small registered UK AIFMs

    3. 11.Applications for entry on register of small registered UK AIFMs

    4. 12.Determination of applications

    5. 13.Procedure when refusing an application

    6. 14.Notification of new funds under the EuSEF Regulation or the EuVECA Regulation

    7. 15.Small registered AIFMs ceasing to meet the requirements for registration

    8. 16.Applications for revocation of registration

    9. 17.Grounds for revocation of registration

    10. 18.Procedure on revocation

    11. 19.Grounds for suspension of registration

    12. 20.Procedure on suspension

    13. 21.Disclosure obligations of small registered UK AIFMs

    14. 22.Power to direct small registered UK AIFMs and SEF and RVECA Managers to take appropriate measures

    15. 23.Application of FCA rules to small authorised UK AIFMs

  5. PART 3A LTIFs

    1. 23A.Manner of application for UK LTIF authorisation

    2. 23B.Procedure in relation to the refusal of an application for UK LTIF authorisation

    3. 23C.Procedure in relation to the revocation of UK LTIF authorisation otherwise than by consent

  6. PART 3B Qualifying social entrepreneurship funds and qualifying venture capital funds

    1. 23D.Manner of application for registration of a qualifying social entrepreneurship fund or qualifying venture capital fund

    2. 23E.Procedure in relation to the refusal of an application for registration of a qualifying social entrepreneurship fund or qualifying venture capital fund

    3. 23F.Procedure in relation to the revocation of registration of a qualifying social entrepreneurship fund or qualifying venture capital fund otherwise than by consent

  7. PART 3C MMFs

    1. 23G.Manner of application for MMF authorisation

    2. 23H.Procedure in relation to the refusal of an application for MMF authorisation

    3. 23I.Procedure in relation to the revocation of MMF authorisation otherwise than by consent

  8. PART 4 Operating conditions for external valuers, full-scope AIFMs and depositaries

    1. 24.Valuation

    2. 25.Disqualification of external valuer

    3. 26.Approval for delegation of functions by full-scope UK AIFMs

    4. 27.Revocation of approval for delegation

    5. 28.Liability following delegation ...

    6. 29.Depositary liability: general provisions

    7. 30.Depositary liability for loss of financial instruments held in custody

    8. 31.Depositary liability for other losses

    9. 32.Depositary liability and third country custodians

    10. 33.Management of third country AIFs

  9. PART 5 AIFs which acquire control of non-listed companies and issuers

    1. 34.Introductory provision

    2. 35.Ways of acquiring control or shares

    3. 36.Meaning of “control” and calculation of voting rights

    4. 37.Confidential information

    5. 38.Notification of the acquisition or disposal of major holdings and control of non-listed companies

    6. 39.Disclosure in case of acquisition of control

    7. 40.Additional disclosure when control is acquired of non-listed companies

    8. 41.Sensitive information

    9. 42.Annual report of AIFs exercising control of non-listed companies

    10. 43.Asset stripping

    11. 44.FCA powers in relation to this Part

  10. PART 6 Marketing of AIFs

    1. CHAPTER 1 General Provisions

      1. 45.References in this Part to an AIFM or an investment firm marketing an AIF

      2. 46.Application of the financial promotion and scheme promotion restrictions

      3. 47.Marketing at the initiative of the investor

      4. 48.Marketing under the designation 'SEF’ or ‘RVECA'

      5. 49.Marketing by full-scope Gibraltar AIFMs of certain AIFs

      6. 50.Marketing by AIFMs of other AIFs

      7. 51.Marketing of AIFs by investment firms

      8. 52.Contravention by unauthorised person

      9. 53.Contravention by authorised person

    2. CHAPTER 2 Marketing of AIFs by full-scope AIFMs

      1. 54.FCA approval for marketing

      2. 55.Change to information provided with application

      3. 56.Suspension or revocation of approval granted to a full-scope Gibraltar AIFM

    3. CHAPTER 3 National Private Placement

      1. 57.Marketing of third country AIFs managed by full-scope UK AIFMs

      2. 58.Marketing of AIFs managed by small third country AIFMs

      3. 59.Marketing of AIFs managed by other third country AIFMs

      4. 60.Manner and content of notifications

      5. 61.Material change to information

      6. 62.Revocation of entitlement to market

      7. 63.Suspension of entitlement to market

      8. 64.Procedure on suspension

  11. PART 7 Duties and powers of the FCA

    1. 65.Designation as competent authority

    2. 66.Requirement to notify ESMA of information required from AIFMs

    3. 67.Use of information by FCA ...

    4. 68.Limits on leverage

    5. 69.Exchange of information relating to potential systemic consequences of AIFM activity

  12. PART 7A Transfer of functions

    1. 69A.Transfer of the directive functions

  13. PART 8 Application of provisions of the Act

    1. 70.Application of procedural provisions of the Act

    2. 71.Application of provisions of the Act to unauthorised AIFMs

  14. PART 9 Transitional Provisions

    1. 72.AIFMs managing AIFs immediately before 22nd July 2013

    2. 73.AIFs subject to prospectus directive

    3. 74.Closed-ended AIFs that make no additional investments

    4. 75.Closed-ended AIFs whose subscription period has closed

    5. 76.Permission to act as trustee or depositary of an AIF

    6. 77.Depositaries of EEA AIFs until 22nd July 2017

    7. 78.Permission for existing managers, depositaries and trustees of UCITS

  15. PART 9A Temporary Marketing Provisions

    1. 78A.Temporary marketing permissions: AIFs etc

    2. 78B.Deemed authorisation

    3. 78C.Period during which regulation 78A(1) is to apply

    4. 78D.FCA powers

    5. 78E.Power to extend the period during which a fund may be marketed

  16. PART 10 Final provisions

    1. 79.Review

    2. 80.Amendments to primary legislation

    3. 81.Amendments to secondary legislation

  17. Signature

    1. SCHEDULE A1

      Transfer of Functions to the Treasury and the FCA

      1. PART 1 Directive functions transferred to the Treasury

        1. 1.The purposes set out in paragraphs 2 to 25 are...

        2. 2.(1) To specify how the thresholds referred to in regulation...

        3. 3.To specify— (a) the methods of leverage, including any financial...

        4. 4.To specify— (a) the risks the additional own funds or...

        5. 5.To specify the criteria to be used by the FCA...

        6. 6.To specify— (a) the types of conflicts of interest referred...

        7. 7.To specify— (a) the risk management systems to be employed...

        8. 8.To specify— (a) the liquidity management systems to be employed...

        9. 9.To specify the administrative and accounting procedures, control and safeguard...

        10. 10.To specify— (a) the criteria concerning the procedures for the...

        11. 11.To specify— (a) the conditions for fulfilling the following requirements—...

        12. 12.To specify— (a) the particulars that need to be included...

        13. 13.To state, on the basis of the criteria specified under...

        14. 14.To specify the content and format of the AIFM's annual...

        15. 15.(1) To specify the obligations of AIFMs periodically to disclose...

        16. 16.To specify— (a) when leverage is to be considered to...

        17. 17.To set out principles specifying the circumstances in which the...

        18. 18.(1) To specify— (a) the form and content of a...

        19. 19.To make further provision in relation to the co-operation arrangements—...

        20. 20.To determine the minimum content of the co-operation arrangements referred...

        21. 21.(1) To determine the minimum content of the co-operation arrangements...

        22. 22.To specify the procedures for coordination and exchange of information...

        23. 23.To make provision regarding the co-operation arrangements referred to—

        24. 24.To make provision for the procedures for the exchange of...

        25. 25.To establish common procedures for the FCA and the Prudential...

      2. PART 2 Directive functions transferred to the FCA

        1. 26.(1) The purpose set out in sub-paragraph (2) is specified...

      3. PART 3 Powers to make technical standards transferred to the FCA

        1. 27.The purposes set out in paragraphs 28 to 31 are...

        2. 28.To specify— (a) the information to be provided to the...

        3. 29.To determine types of AIFMs, where relevant in the application...

        4. 30.To specify the— (a) requirements applicable to the AIFMs under...

        5. 31.To make provision for— (a) the manner in which a...

    2. SCHEDULE 1

      AMENDMENTS TO PRIMARY LEGISLATION

      1. PART 1 Amendments to the Financial Services and Markets Act 2000

        1. 1.The Act is amended as follows.

        2. 2.In section 1A(6) (the Financial Conduct Authority) , after paragraph...

        3. 3.In section 1L(2) (supervision, monitoring and enforcement), after paragraph (a)...

        4. 4.In section 55H (refusal by FCA to vary permission at...

        5. 5.In section 55J (variation or cancellation on initiative of regulator)—...

        6. 6.In section 55V (determination of applications) after subsection (7) insert—...

        7. 7.In section 59 (approval for particular arrangements) after subsection (7B)...

        8. 8.In section 66(2)(b) (disciplinary powers) after sub-paragraph (i) omit “or”...

        9. 9.In section 165 (regulators' power to require information: authorised persons...

        10. 10.In section 168(4) (appointment of persons to carry out investigations...

        11. 11.In section 193(1) (interpretation of Part 13) , in the...

        12. 12.In section 194 (general grounds on which power of intervention...

        13. 13.In section 195A (contravention by relevant EEA firm or EEA...

        14. 14.In section 199 (additional procedure for EEA firms in certain...

        15. 15.In section 204A(2) (meaning of “relevant requirement”) —

        16. 16.In section 237(3) (other definitions) in the definition of “a...

        17. 17.In section 261D(8) (authorisation orders for contractual schemes) for “permission...

        18. 18.Omit sections 270 and 271 and the preceding cross-heading (schemes...

        19. 19.In section 272 (individually recognised overseas schemes) , in subsection...

        20. 20.In section 277 (alteration of schemes and changes of operator,...

        21. 21.After section 277 insert— Regular provision of information relating to...

        22. 22.Omit the cross-heading “Schemes recognised under sections 270 and 272”...

        23. 23.In section 278 (rules as to scheme particulars) omit “270...

        24. 24.In section 279 (revocation of recognition)— (a) in the opening...

        25. 25.In section 280 (procedure)— (a) in subsection (1) for “give...

        26. 26.In section 281 (directions)— (a) in subsection (1) omit “270...

        27. 27.In section 380(6)(a) (injunctions) — (a) omit “or” after sub-paragraph...

        28. 28.In section 382(9)(a) (restitution orders) — (a) omit “or” after...

        29. 29.In section 384(7) (power of FCA or PRA to require...

        30. 30.In section 398 (misleading the FCA or PRA: residual cases)...

        31. 31.In section 417(1) (definitions) in the appropriate places insert— “...

        32. 32.In section 425 (expressions relating to authorisation elsewhere in the...

        33. 33.In Schedule 1ZA (the Financial Conduct Authority), in paragraph 23(2)(a)...

        34. 34.(1) Schedule 3 ( EEA passport rights) is amended as...

        35. 35.In paragraph 2(2) of Schedule 5 (permission for open-ended investment...

        36. 36.In paragraph 2B of Schedule 6 (threshold conditions) —

      2. PART 2 Amendments to other primary legislation

        1. 37.Charities Act (Northern Ireland) 1964

        2. 38.Fair Trading Act 1973

        3. 39.Companies Act 1989

        4. 40.Value Added Tax Act 1994

        5. 41.Terrorism Act 2000

        6. 42.Companies Act 2006

        7. 43.Charities Act (Northern Ireland) 2008

        8. 44.Charities Act 2011

      3. PART 3 Transitional provisions in respect of recognised overseas schemes

        1. 45.(1) A collective investment scheme which immediately before 22nd July...

    3. SCHEDULE 2

      AMENDMENTS TO SECONDARY LEGISLATION

      1. PART 1 Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

        1. 1.Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

      2. PART 2 Amendments to other secondary legislation

        1. 2.Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975

        2. 3.Companies (No. 2) (Northern Ireland) Order 1990

        3. 4.Individual Savings Account Regulations 1998

        4. 5.Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001

        5. 6.Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001

        6. 7.Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001

        7. 8.Financial Services and Markets Act 2000 (Exemption) Order 2001

        8. 9.Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001

        9. 10.Open-Ended Investment Companies Regulations 2001

        10. 11.Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001

        11. 12.Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

        12. 13.Financial Services and Markets Act 2000 (Consultation with Competent Authorities) Regulations 2001

        13. 14.Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001

        14. 15.Uncertificated Securities Regulations 2001

        15. 16.Financial Services and Markets Act 2000 (Collective Investment Schemes) (Designated Countries and Territories) Order 2003

        16. 17.Financial Conglomerates and Other Financial Groups Regulations 2004

        17. 18.Child Trust Funds Regulations 2004

        18. 19.Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

        19. 20.Offshore Funds (Tax) Regulations 2009

        20. 21.Financial Services and Markets Act 2000 (Short Selling) Regulations 2012

        21. 22.Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013

        22. 23.Financial Services Act 2012 (Misleading Statements and Impressions) Order 2013

        23. 24.CRC Energy Efficiency Scheme Order 2013

  19. Explanatory Note