1.An application for authorisation as an [F2LTIF] shall be made to the [F3FCA].
The application for authorisation as an [F2LTIF] shall include the following:
(a)the fund rules or instruments of incorporation;
(b)information on the identity of the proposed manager of the [F2LTIF] and its current and previous fund management experience and history;
(c)information on the identity of the depositary;
(d)a description of the information to be made available to investors, including a description of the arrangements for dealing with complaints submitted by retail investors.
The [F3FCA] may request clarification and information as regards the documentation and information provided under the second subparagraph.
2.Only [F4a UK AIFM] may apply to the [F5FCA] for approval to [F6manage an LTIF] for which authorisation is requested in accordance with paragraph 1. F7...
An application for approval to [F6manage an LTIF] shall include the following:
(a)the written agreement with the depositary;
(b)information on delegation arrangements regarding portfolio and risk management and administration with regard to the [F8LTIF];
(c)information about the investment strategies, the risk profile and other characteristics of AIFs that the [F9UK AIFM] is authorised to manage.
F10...
3.Applicants shall be informed within two months from the date of submission of a complete application whether authorisation as an [F11LTIF], including approval for the [F12UK AIFM] to manage the [F11LTIF], has been granted.
4.Any subsequent modifications to the documentation referred to in paragraphs 1 and 2 shall be immediately notified to the [F13FCA].
5.By way of derogation from paragraphs 1 and 2, [F14a UK AIF] the legal form of which permits internal management and the governing body of which chooses not to appoint an external AIFM shall apply simultaneously for authorisation as an [F15LTIF] under this Regulation and as [F16a UK AIFM under the AIFM Regulations].
Without prejudice to [F17Part 3A of the AIFM Regulations], the application for authorisation as an internally managed [F15LTIF] shall include the following:
(a)the fund rules or instruments of incorporation;
(b)a description of the information to be made available to investors, including a description of the arrangements for dealing with complaints submitted by retail investors.
By way of derogation from paragraph 3, an internally managed [F18UK AIF must] be informed within three months from the date of submission of a complete application whether authorisation as an [F15LTIF] has been granted.
Textual Amendments
F1Art. 5 heading substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(1) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Word in Art. 5(1) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(2)(b) (as amended by S.I. 2019/1010, regs. 1(3), 9 and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3Word in Art. 5(1) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(2)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in Art. 5(2) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(3)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F5Word in Art. 5(2) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(3)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in Art. 5(2) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(3)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in Art. 5(2) omitted (31.12.2020) by virtue of The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(3)(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F8Word in Art. 5(2)(b) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(3)(e) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F9Words in Art. 5(2)(c) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(3)(f) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F10Words in Art. 5(2)(c) omitted (31.12.2020) by virtue of The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(3)(g) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F11Word in Art. 5(3) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(4)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F12Words in Art. 5(3) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(4)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F13Word in Art. 5(4) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(5) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F14Words in Art. 5(5) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(6)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F15Word in Art. 5(5) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(6)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F16Words in Art. 5(5) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(6)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F17Words in Art. 5(5) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(6)(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F18Words in Art. 5(5) substituted (31.12.2020) by The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336), regs. 1(3), 8(6)(e) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)