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.”.
OJ L 123/98.