- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
41.—(1) Commission Implementing Regulation (EU) No 447/2013 establishing the procedure for AIFMs which choose to opt in under Directive 2011/61/EU of the European Parliament and of the Council is amended as follows.
(2) In Article 1—
(a)in the first subparagraph of paragraph 1—
(i)for “Article 3(2) of Directive 2011/61/EU” substitute “regulation 9 of the Alternative Investment Fund Managers Regulations 2013(1) (the “AIFM Regulations 2013”)”;
(ii)for “under that Directive” substitute “to regulation as a full-scope AIFM”;
(iii)for “competent authority of its home Member State” substitute “Financial Conduct Authority”;
(b)in the second subparagraph of paragraph 1, for “paragraphs 1 to 5 of Article 7 of Directive 2011/61/EU and in the measures adopted in implementation thereof” substitute “section 55U of the Financial Services and Markets Act 2000(2) (“FSMA”) and regulation 5 of the AIFM Regulations 2013”;
(c)in paragraph 2—
(i)for “competent authority of the home Member State” substitute “Financial Conduct Authority”;
(ii)for “Article 7 of that Directive” substitute “section 55U of FSMA and by regulation 5 of the AIFM Regulations 2013”;
(iii)for “Article 3(3) of that Directive” substitute “regulations 11, 15 and 21 of the AIFM Regulations 2013”;
(iv)for “the competent authority” the second time it occurs, substitute “the Financial Conduct Authority”;
(v)for “Article 5 of Directive 2009/65/EC” substitute “sections 242 and 261C of FSMA(3) and regulation 12 of the Open-Ended Investment Companies Regulations 2001(4)”;
(d)in paragraph 3—
(i)for “competent authority of the home Member State” substitute “Financial Conduct Authority”;
(ii)for “paragraphs 1 to 5 of Article 8 of Directive 2011/61/EU” substitute “regulation 5 of the AIFM Regulations 2013”.
(3) Omit the words “This Regulation shall be binding in its entirety and directly applicable in all Member States” after Article 2.
Regulation 5 was amended by S.I 2013/1797, and is amended by these Regulations.
Section 55U was inserted into the Act, with the rest of Part 4A of that Act, by section 11(2) of the Financial Services Act 2012 (c. 21).
Section 242 was amended by S.I. 2013/423 and 2018/698 and section 261C was inserted by S.I. 2013/1388 and amended by S.I. 2018/698.
S.I. 2001/1228. Regulation 12 was amended by S.I. 2018/698.
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: