The Alternative Investment Fund Managers (Amendment) Order 2014

Statutory Instruments

2014 No. 1313

Financial Services And Markets

The Alternative Investment Fund Managers (Amendment) Order 2014

Made

21st May 2014

Laid before Parliament

23rd May 2014

Coming into force

31st May 2014

The Treasury are a government department designated(1) for the purposes of section 2(2) of the European Communities Act 1972(2) in relation to financial services.

The Treasury make this Order in exercise of the powers conferred on them under section 2(2) of the European Communities Act 1972 and sections 22(1), 409(1)(a) and (b) and 428(3) of, and paragraph 25 of Schedule 2 to, the Financial Services and Markets Act 2000(3).

Citation and commencement

1.  This Order may be cited as the Alternative Investment Fund Managers (Amendment) Order 2014 and comes into force on 31st May 2014.

Amendment of the Investment Fund Managers Order 2014

2.  In the Alternative Investment Fund Managers Order 2014(4)—

(a) in article 1(2) (commencement) and the heading of Part 2 (amendments coming into force on 1st June 2014) for “1st June” substitute “16th June”; and

(b) in articles 1(3) (commencement) and 7(3)(a) and (5)(b) (notification of insurance mediation activity) for “1st July” substitute “22nd July”.

Stephen Crabb

Sam Gyimah

Two of the Lords Commissioners of Her Majesty’s Treasury

21st May 2014

EXPLANATORY NOTE

(This note is not part of the Order)

This Order amends the dates on which the Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292) comes into force, and the date by which a person must notify the Financial Conduct Authority of an intention to carry on insurance mediation activity if the person wishes article 7(5) or (6) of that Order to apply to them so that they are treated as having permission under Part 4A of the Financial Services and Markets Act 2000 (c. 8) to carry on insurance mediation activity, or as having applied for such permission.

An impact assessment has not been produced for this instrument as no impact on the costs of business or the voluntary sector is foreseen.

(1)

S.I. 2012/1759.

(2)

1972 c. 68 (“the ECA”). Section 2(2) of the ECA was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c. 51) and the European Union (Amendment) Act 2008 (c.7), Schedule, Part 1. By virtue of section 1(2)(m) of the ECA, regulations may be made under section 2(2) of the European Communities Act to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183). Section 1(2)(m) was inserted by section 1 of the European Economic Area Act 1993 (c.51).

(3)

2000 c. 8. Section 22 was amended by section 7 of the Financial Services Act 2012 (c. 21). Section 22(5) provides that “specified” in section 22(1) means specified in an order made by the Treasury. Section 409(5) provides that “specified” in section 409(1) means specified in an order made under that subsection. Section 409 was amended by the Financial Services Act 2012 (c. 21), Schedule 18, paragraph 23, and by S.I. 2011/1613. Paragraph 25 of Schedule 2 was amended by section 8 of the Financial Services Act 2012.

(4)

S.I. 2014/1292.