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  1. Introductory Text

  2. PART 1 General

    1. 1.Citation and commencement

  3. PART 2 Amendment of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018

    1. 2.Amendment of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018

  4. PART 3 Amendment of Regulation (EU) 2015/760

    1. 3.Amendment of Regulation (EU) 2015/760

    2. 4.Subject matter and objective

    3. 5.Definitions

    4. 6.Authorisation and central public register

    5. 7.Designation and prohibition on transformation

    6. 8.Application for authorisation as an LTIF

    7. 9.Conditions for granting authorisation as an LTIF

    8. 10.Applicable rules and liability

    9. 11.Obligations concerning the investment policies of LTIFs

    10. 12.Investment compartments

    11. 13.Eligible investments

    12. 14.Eligible investment assets

    13. 15.Qualifying portfolio undertaking

    14. 16.Conflict of interest

    15. 17.Portfolio composition and diversification

    16. 18.Rectification of investment positions

    17. 19.Concentration

    18. 20.Borrowing of cash

    19. 21.Application of portfolio composition and diversification rules

    20. 22.Redemption, trading and issue of units or shares of an LTIF and distribution of proceeds and capital

    21. 23.Redemption policy and life of LTIFs

    22. 24.Secondary market

    23. 25.Issuance of new units or shares

    24. 26.Disposal of LTIF assets

    25. 27.Distribution of proceeds and capital

    26. 28.Transparency

    27. 29.Additional requirements of the prospectus

    28. 30.Cost disclosure

    29. 31.Facilities available to investors

    30. 32.Internal assessment process for LTIFs marketed to retail investors

    31. 33.Specific requirements concerning the distribution of LTIFs to retail investors

    32. 34.Specific provisions concerning the depository of an LTIF marketed to retail investors

    33. 35.Additional requirements for marketing LTIFs to retail investors

    34. 36.Marketing of units or shares of LTIFs

    35. 37.Supervision by the FCA

    36. 38.Powers of the FCA

    37. 39.Omission of Articles 34 to 37

    38. 40.Omission of words after Article 38

  5. Signature

  6. Explanatory Note