Subject matter and objective
This section has no associated Explanatory Memorandum
4.—(1) Article 1 (subject matter and objective) is amended as follows.
(2) For paragraph 1 substitute—
“1. This Regulation lays down rules on the authorisation, investment policies and operating conditions of UK alternative investment funds (UK AIFs) or compartments of UK AIFs that are marketed in the United Kingdom as long-term investment funds (LTIFs).”.
(3) In paragraph 2—
(a)after “European” insert “and UK”;
(b)omit “Union”.
(4) Omit paragraph 3.