- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
34.—(1) Before Article 85, omit “(Articles 21(7)-(9) and 21(11)(c) and (d)(iii) of Directive 2011/61/EU)”.
(2) In Article 85(1), for “Article 21(7) of Directive 2011/61/EU” substitute “rule 3.11.20 of the Investment Funds sourcebook”.
(3) In Article 86—
(a)in point (a)—
(i)for “points (a), (b) and (c) of Article 18(1) of Directive 2006/73/EC” substitute “paragraphs (1), (2) and (3) of rule 7.13.3 of the Client Assets sourcebook”;
(ii)for “Union law” substitute “the law applicable in the United Kingdom, or in any part of the United Kingdom”;
(iii)for “Article 16 of Directive 2006/73/EC” substitute “rules 6.2.2R, 6.3.4A-1R, 6.6.2R, 6.6.3, 6.6.34, 7.13.12, 7.15.3 and 7.15.20 of the Client Assets sourcebook (so far as relevant)”;
(b)in point (e), for “competent authorities” substitute “FCA”.
(4) In Article 87, for “Article 21(7) of Directive 2011/61/EU” substitute “rule 3.11.20 of the Investment Funds sourcebook”.
(5) In Article 88(1)(a), for “the last subparagraph of Article 51(3) of Directive 2009/65/EC and Article 10 of Commission Directive 2007/16/EC” substitute “rule 5.2.19(3) and (3A) of the Collective Investment Schemes sourcebook”.
(6) In Article 89—
(a)in paragraph 1—
(i)in the opening words, for “point (a) of Article 21(8) of Directive 2011/61/EU”, substitute “rule 3.11.21 of the Investment Funds sourcebook”;
(ii)in point (a), for “Article 21(8)(a)(ii) of Directive 2011/61/EU” substitute “rule 3.11.21(2) of the Investment Funds sourcebook”;
(iii)in point (c), for “Article 21(11) of Directive 2011/61/EU” substitute “rules 3.11.28 to 3.11.30 of the Investment Funds sourcebook”;
(b)in paragraph 2, for “Article 21(11) of Directive 2011/61/EU” substitute “rules 3.11.28 to 3.11.30 of the Investment Funds sourcebook”.
(7) In Article 90—
(a)in paragraphs 1 and 2, for “point (b) of Article 21(8) of Directive 2011/61/EU” substitute “rule 3.11.23 of the Investment Funds sourcebook”;
(b)in paragraph 4, for “competent authorities” substitute “FCA”.
(8) In Article 91—
(a)in point (b) of paragraph 1, for “Article 21(11) of Directive 2011/61/EU” substitute “rules 3.11.28 to 3.11.30 of the Investment Funds sourcebook”;
(b)in paragraph 3—
(i)in point (a), in the opening words, for “Article 21(11) of Directive 2011/61/EU” substitute “rules 3.11.28 to 3.11.30 of the Investment Funds sourcebook”;
(ii)in point (b), for “point (b) of Article 21(8) of Directive 2011/61/EU” substitute “rule 3.11.23 of the Investment Funds sourcebook”;
(iii)in point (d), for “Article 21(7) of Directive 2011/61/EU” substitute “rule 3.11.20 of the Investment Funds sourcebook”.
(9) In Article 92—
(a)in paragraphs 2 and 4, for “Article 21(9) of Directive 2011/61/EU” substitute “rule 3.11.25 of the Investment Funds sourcebook”;
(b)in paragraph 3, for “competent authorities of the AIFM” substitute “FCA”.
(10) In Article 93, in the opening words, for “point (a) of Article 21(9) of Directive 2011/61/EU” substitute “rule 3.11.25(1) of the Investment Funds sourcebook”.
(11) In Article 94—
(a)in paragraph 1, in the opening words, for “point (b) of Article 21(9) of Directive 2011/61/EU” substitute “rule 3.11.25(2) of the Investment Funds sourcebook”;
(b)in paragraphs 1(a), 2 and 4, for “Article 19 of Directive 2011/61/EU and its implementing measures” substitute “rules 3.9.1 to 3.9.13 of the Investment Funds sourcebook and regulation 24 of the AIFM Regulations 2013”;
(c)in paragraph 3, for “Article 19 of Directive 2011/61/EU” substitute “rules 3.9.1 to 3.9.13 of the Investment Funds sourcebook and regulation 24 of the AIFM Regulations 2013”.
(12) In Article 95, in the opening words, for “point (c) of Article 21(9) of Directive 2011/61/EU” substitute “rule 3.11.25(3) of the Investment Funds sourcebook”.
(13) In Article 96(1), for “point (d) of Article 21(9) of Directive 2011/61/EU” substitute “rule 3.11.25(4) of the Investment Funds sourcebook”.
(14) In Article 97(1), in the opening words, for “point (e) of Article 21(9) of Directive 2011/61/EU” substitute “rule 3.11.25(5) of the Investment Funds sourcebook”.
(15) In Article 98—
(a)in paragraph 1—
(i)for “point (c) of Article 21(11) of Directive 2011/61/EU” substitute “rule 3.11.28(3) of the Investment Funds sourcebook”;
(ii)for “competent authorities” substitute “the FCA”;
(b)in paragraph 2, in the opening words, for “Article 21(11) of Directive 2011/61/EU” substitute “rules 3.11.28 to 3.11.30 of the Investment Funds sourcebook”;
(c)in paragraph 3, in the opening words, for “point (d) of Article 21(11) of Directive 2011/61/EU” substitute “rule 3.11.28(4) of the Investment Funds sourcebook”;
(d)in paragraph 5, for “Article 21(4) of Directive 2011/61/EU”, substitute “rule 3.11.7 of the Investment Funds sourcebook”;
(e)in paragraph 6, for “Article 21(11) of Directive 2011/61/EU” substitute “rules 3.11.28 to 3.11.30 of the Investment Funds sourcebook”.
(16) In Article 99—
(a)in paragraph 1—
(i)in the opening words—
(aa)for “Article 21(11) of Directive 2011/61/EU” substitute “rules 3.11.28 to 3.11.30 of the Investment Funds sourcebook”; and
(bb)for “point (iii) of Article 21(11)(d) of Directive 2011/61/EU” substitute “rule 3.11.28(4)(c) of the Investment Funds sourcebook”;
(ii)in point (c), for “the third subparagraph of Article 21(11) of Directive 2011/61/EU” substitute “rule 3.11.29 of the Investment Funds sourcebook”;
(iii)in point (e)—
(aa)for “points (a), (b) and (c) of Article 18(1) of Directive 2006/73/EC” substitute “paragraphs (1), (2) and (3) of rule 7.13.3 of the Client Assets sourcebook”;
(bb)for “Union law” substitute “the law applicable in the United Kingdom, or in any part of the United Kingdom”;
(cc)for “Article 21(7) of Directive 2011/61/EU” substitute “rule 3.11.20 of the Investment Funds sourcebook”;
(b)in paragraph 2, for “Article 21(11) of Directive 2011/61/EU” substitute “rules 3.11.28 to 3.11.30 of the Investment Funds sourcebook”;
(c)in paragraph 3—
(i)for “Article 21(11) of Directive 2011/61/EU” the first time it occurs, substitute “rules 3.11.28 to 3.11.30 of the Investment Funds sourcebook”;
(ii)for “the third subparagraph of Article 21(11) of Directive 2011/61/EU” substitute “rule 3.11.29 of the Investment Funds sourcebook”.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: