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

Application for authorisation as an LTIF

This section has no associated Explanatory Memorandum

8.—(1) Article 5 (the heading to which becomes “Application for authorisation as an LTIF”) is amended as follows.

(2) In paragraph 1—

(a)for “competent authority of the ELTIF” substitute “FCA” in both places;

(b)for the other references to “ELTIF” substitute “LTIF” in both places.

(3) In paragraph 2—

(a)for “an EU AIFM authorised under Directive 2011/61/EU” substitute “a UK AIFM”;

(b)for “competent authority of the ELTIF” where it first appears substitute “FCA”;

(c)for “manage an ELTIF” substitute “manage an LTIF” in both places;

(d)omit the sentence beginning “In the event that”;

(e)in point (b) for “ELTIF” substitute “LTIF”;

(f)in point (c), for “EU AIFM” substitute “UK AIFM”;

(g)omit the third subparagraph.

(4) In paragraph 3—

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

(b)for “EU AIFM” substitute “UK AIFM”.

(5) In paragraph 4, for “competent authority of the ELTIF” substitute “FCA”.

(6) In paragraph 5—

(a)for “an EU AIF” substitute “a UK AIF”;

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

(c)for “an AIFM under Directive 2011/61/EU” substitute “a UK AIFM under the AIFM Regulations”;

(d)for “Article 7 of Directive 2011/61/EU” substitute “Part 3A of the AIFM Regulations”;

(e)for “EU AIF shall” substitute “UK AIF must”.