Search Legislation

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

 Help about what version

What Version

  • Draft legislation
 Help about opening options

Opening Options

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 No. 336

Conditions for granting authorisation as an LTIF

This section has no associated Explanatory Memorandum

9.—(1) Article 6 (the heading to which becomes “Conditions for granting authorisation as an LTIF”) is amended as follows.

(2) In paragraph 1—

(a)in the words before point (a)—

(i)for “An EU AIF” substitute “A UK AIF”;

(ii)for “ELTIF” substitute “LTIF”;

(iii)for “its competent authority” substitute “the FCA”;

(b)in point (a), for “EU AIF” substitute “UK AIF”;

(c)in point (b), for “an EU AIFM authorised in accordance with Directive 2011/61/EU to manage the ELTIF” substitute “a UK AIFM to manage the LTIF”.

(3) In paragraph 2—

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

(b)for “competent authority” substitute “FCA”;

(c)for “the EU AIF” substitute “the UK AIF” in both places;

(d)for “Directive 2011/61/EU” substitute “the AIFM Regulations”;

(e)for “an EU AIFM” substitute “a UK AIFM”.

(4) In paragraph 3—

(a)for “The competent authority of the ELTIF” substitute “The FCA”;

(b)for “an EU AIFM” substitute “a UK AIFM”;

(c)for “an ELTIF” substitute “an LTIF”;

(d)for “where the EU AIFM” substitute “where the UK AIFM”;

(e)for “Directive 2011/61/EU” substitute “the AIFM Regulations”;

(f)for “its competent authority” substitute “the FCA”;

(g)omit the final sentence.

(5) In paragraph 4—

(a)for “The competent authority of the ELTIF” substitute “The FCA”;

(b)for “an ELTIF” substitute “an LTIF”;

(c)for “EU AIF” substitute “UK AIF”;

(d)for “its home Member State” substitute “the United Kingdom”.

(6) For paragraphs 5 to 7 substitute—

5.  A UK AIF authorised by the FCA as an ELTIF before exit day under Article 6 of Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds(1) (as that Regulation had effect immediately before exit day) is taken to be authorised by the FCA as an LTIF under this Article..

(1)

OJ L 123/98.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Draft Explanatory Memorandum

Draft Explanatory Memorandum sets out a brief statement of the purpose of a Draft Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Draft Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources