The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019

Transparency

28.—(1) Article 23 (transparency) is amended as follows.

(2) In paragraph 1—

(a) for “ELTIF” substitute “LTIF” in both places;

(b) for “Union” substitute “UK” in both places.

(3) In paragraph 3—

(a) in point (a), for “ELTIF’s” substitute “LTIF’s”;

(b) in point (b), for “Directive 2003/71/EC” substitute “prospectus rules within the meaning of Part 6 of FSMA (official listing) contained in rules made by the FCA under section 73A of FSMA (Part 6 rules)”;

(c) in point (c), for “Article 23 of Directive 2011/61/EU” substitute “section 3.2 of Chapter 3 of the Investment Funds sourcebook”;

(d) in points (d) and (e), for “ELTIF” substitute “LTIF” in both places;

(e) in point (f), for “competent authorities” substitute “FCA”.

(4) In paragraph 4—

(a) for “ELTIF” substitute “LTIF” in each place;

(b) in point (a), for “ELTIF’s” substitute “LTIF’s”.

(5) In paragraph 5—

(a) for “Article 22 of Directive 2011/61/EU” substitute “rules 3.3.2 to 3.3.7 of the Investment Funds sourcebook”;

(b) for “ELTIF” substitute “LTIF” in each place;

(c) omit point (b).

(6) In paragraph 6, for “ELTIF” substitute “LTIF” in both places.