Paragraph 5
Not yet in force
(1)
Sub-paragraph (2) applies where—
(a)
an AIFM has given a notification under regulation 59(1) of the principal regulations (marketing under Article 42 of the directive) in respect of an AIF,
(b)
an investor has acquired units or shares of the AIF as a result of marketing that is permitted because of that notification, and
(c)
the AIFM is not authorised in accordance with Article 37 of the directive in respect of the AIF.
(2)
The substitution of regulation 34 of the principal regulations and the revocation of regulations 59(3) and (4)(a) and 71(5)(e) of the principal regulations by paragraph 3 do not have effect in relation to that AIFM.