F6PART 8Application of provisions of the Act
Application of provisions of the Act to unauthorised AIFMs71
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 F4Gibraltar 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; F1...
f
g
an AIFM to which regulation 75 (closed-ended AIFs whose subscription period has closed) applies
Regulations 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)