Commission Delegated Regulation (EU) No 231/2013Dangos y teitl llawn

CHAPTER I U.K. DEFINITIONS

Article 1 U.K. Definitions

In addition to the definitions laid down in [F1 regulation 2 of the AIFM Regulations 2013], the following definitions apply for the purposes of this Regulation:

(1)

‘capital commitment’ means the contractual commitment of an investor to provide the alternative investment fund (AIF) with an agreed amount of investment on request by the AIFM;

(2)

‘relevant person’ in relation to an AIFM means any of the following:

(a)

a director, partner or equivalent, or manager of the AIFM;

(b)

an employee of the AIFM, or any other natural person whose services are placed at the disposal and under the control of the AIFM and who is involved in the provision of collective portfolio management services by the AIFM;

(c)

a natural or legal person who is directly involved in the provision of services to the AIFM under a delegation arrangement to third parties for the purpose of the provision of collective portfolio management by the AIFM;

(3)

‘senior management’ means the person or persons who effectively conduct the business of an AIFM in accordance with [F2 section 4.2 of the Senior Management Arrangements, Systems and Controls sourcebook] and, as the case may be, the executive member or members of the governing body;

(4)

‘governing body’ means the body with ultimate decision making authority in an AIFM, comprising the supervisory and the managerial functions, or only the managerial function if the two functions are separated;

(5)

‘special arrangement’ means an arrangement that arises as a direct consequence of the illiquid nature of the assets of an AIF which impacts the specific redemption rights of investors in a type of units or shares of the AIF and which is a bespoke or separate arrangement from the general redemption rights of investors.

(6)

[F3 “FCA” means the Financial Conduct Authority;

(7)

“FSMA” means the Financial Services and Markets Act 2000;

(8)

“UCITS” has the meaning given in section 236A of FSMA;

(9)

“UK UCITS” has the meaning given in section 237(3) of FSMA;

(10)

“UK provisions” means FSMA, secondary legislation made under FSMA or under the European Communities Act 1972 and rules made by the FCA under FSMA;

(11)

Any reference in this Regulation to a sourcebook is to a sourcebook in the Handbook of Rules and Guidance published by the FCA under FSMA as in force on [F4 1 January 2022];

(12)

“the Regulated Activities Order 2001” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;

(13)

the AIFM Regulations 2013” means the Alternative Investment Fund Managers Regulations 2013;

(14)

“Regulation (EU) No 600/2014” means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012.]

Textual Amendments

F1 Words in Art. 1 substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 23(1)(a) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)

F2 Words in Art. 1(3) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 23(1)(b) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)

F3 Art. 1(6)-(14) inserted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 23(1)(c) (as amended by S.I. 2019/325, regs. 1(3), 58 and S.I. 2020/1301, regs. 1, 3); 2020 c. 1, Sch. 5 para. 1(1)

F4 Words in Art. 1(11) substituted (1.1.2022) by The Financial Services and Markets Act 2000 (Consequential Amendments of References to Rules) Regulations 2021 (S.I. 2021/1388), regs. 1(2), 7

[F5 Article 1A U.K. Application of Articles 2, 7 and 8 to small AIFMs

1. Articles 2, 7 and 8 apply to a small AIFM subject to the modifications in paragraphs 2 and 3.

2. In Article 2(2), second sub-paragraph, as if “AIFs managed by the AIFM for which the AIFM has delegated functions in accordance with section 3.10 of the Investment Funds sourcebook” includes AIFs managed by a small AIFM for which that small AIFM has delegated functions.

3. In Articles 7 and 8, as if section 3.9 of the Investment Funds sourcebook applied to a small AIFM as it does to a full-scope UK AIFM.]

Textual Amendments

F5 Art. 1A inserted (31.12.2020) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(3), 73