Application for authorisation as an LTIF
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”.