PART 3Amendment of EU delegated legislation

Commission Implementing Regulation (EU) No 447/201341

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 201391 (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 200092 (“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 FSMA93 and regulation 12 of the Open-Ended Investment Companies Regulations 200194”;

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.