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

1. Introductory Text

2. PART 1 General

   1. 1. Citation and commencement

3. PART 2 Amendment of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018

   1. 2. Amendment of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018

4. PART 3 Amendment of Regulation (EU) 2015/760

   1. 3. Amendment of Regulation (EU) 2015/760

   2. 4. Subject matter and objective

   3. 5. Definitions

   4. 6. Authorisation and central public register

   5. 7. Designation and prohibition on transformation

   6. 8. Application for authorisation as an LTIF

   7. 9. Conditions for granting authorisation as an LTIF

   8. 10. Applicable rules and liability

   9. 11. Obligations concerning the investment policies of LTIFs

   10. 12. Investment compartments

   11. 13. Eligible investments

   12. 14. Eligible investment assets

   13. 15. Qualifying portfolio undertaking

   14. 16. Conflict of interest

   15. 17. Portfolio composition and diversification

   16. 18. Rectification of investment positions

   17. 19. Concentration

   18. 20. Borrowing of cash

   19. 21. Application of portfolio composition and diversification rules

   20. 22. Redemption, trading and issue of units or shares of an LTIF and distribution of proceeds and capital

   21. 23. Redemption policy and life of LTIFs

   22. 24. Secondary market

   23. 25. Issuance of new units or shares

   24. 26. Disposal of LTIF assets

   25. 27. Distribution of proceeds and capital

   26. 28. Transparency

   27. 29. Additional requirements of the prospectus

   28. 30. Cost disclosure

   29. 31. Facilities available to investors

   30. 32. Internal assessment process for LTIFs marketed to retail investors

   31. 33. Specific requirements concerning the distribution of LTIFs to retail investors

   32. 34. Specific provisions concerning the depository of an LTIF marketed to retail investors

   33. 35. Additional requirements for marketing LTIFs to retail investors

   34. 36. Marketing of units or shares of LTIFs

   35. 37. Supervision by the FCA

   36. 38. Powers of the FCA

   37. 39. Omission of Articles 34 to 37

   38. 40. Omission of words after Article 38

5. Signature

6. Explanatory Note