The Alternative Investment Fund Managers Regulations 2013

Procedure on suspensionU.K.

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64.—(1) A suspension under regulation 63 takes effect—

(a)immediately, if the notice given under paragraph (3) states that that is the case;

(b)on such date as may be specified in the notice; or

(c)if no date is specified in the notice, when the matter to which it relates is no longer open to review.

(2) A suspension may be expressed to take effect immediately (or on a specified date) only if the FCA, having regard to the ground on which it is suspending the AIFM's entitlement to market, considers that it is necessary for the suspension to take effect immediately (or on that date).

(3) If the FCA proposes to suspend an AIFM's entitlement to market an AIF, or suspends such entitlement with immediate effect—

(a)it must give separate written notice to the AIFM and (if applicable) the [F1third country AIF custodian] of that AIF; and

(b)the AIFM or the [F1third country AIF custodian] may refer the matter to the Tribunal.

(4) A notice under paragraph (3)(a) must—

(a)give details of the suspension;

(b)inform the person to whom it is given of when the suspension takes effect;

(c)state the FCA's reasons for giving the suspension and for its determination as to when the suspension takes effect;

(d)inform the person to whom it is given that it may make representations to the FCA within such period as may be specified in it (whether or not it has referred the matter to the Tribunal); and

(e)inform the person to whom it is given of its right to refer the matter to the Tribunal.

(5) The FCA may extend the period allowed under the notice for making representations.

(6) Paragraph (7) applies if, having considered any representations made by a person to whom the notice was given, the FCA decides—

(a)to make the suspension in the way proposed,

(b)to make the suspension in a way other than that proposed, or

(c)if it has been made, not to revoke the suspension.

(7) If this paragraph applies—

(a)the FCA must give separate written notice to the AIFM and (if applicable) the [F1third country AIF custodian]; and

(b)the AIFM or the [F1third country AIF custodian] may refer the matter to the Tribunal.

(8) If, having considered any representations made by a person to whom the notice was given, the FCA decides—

(a)not to make the suspension in the way proposed,

(b)to revoke a suspension,

it must give separate written notice to the AIFM and (if applicable) the [F1third country AIF custodian].

(9) For the purposes of paragraph (1)(c), section 391(8) of the Act (publication) applies as if a notice under paragraph (3)(a), (7)(a) or (8) were a supervisory notice.

Textual Amendments