Regulation 22 Power to direct small registered UK AIFMs and SEF and RVECA Managers to take appropriate measuresF1F5C1C2
United Kingdom
The FCA may direct a small registered UK AIFM to take such specified steps as are necessary for the purpose of securing its compliance with—
an implementing provision,
the EuSEF Regulation, or
the EuVECA Regulation.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
An AIFM must comply with any direction given to it by the FCA under paragraph (1) F3....
Sections 55Y (exercise of own-initiative power: procedure) and 55Z3(2) (right to refer matters to the Tribunal) of the Act apply to a direction to an AIFM under paragraph (1) or (2) as they apply to a requirement imposed on an authorised person under section 55L(3) of the Act (imposition of requirements by the FCA).
Annotations
Textual amendments
- F1
Regulations revoked (14.12.2023 for the revocation of reg. 79) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(vi)
- F2
Reg. 22(2) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 5(5)(b) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
- F3
Words in reg. 22(3) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 5(5)(c) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
- F4
Reg. 22(4) substituted (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 4(3) (as amended by S.I. 2014/1313, arts. 1, 2(a))
- F5
Words in reg. 22 heading substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 5(5)(a) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)
Modifications
- C1
Reg. 22 modified (30.1.2024 for specified purposes) by The Securitisation Regulations 2024 (S.I. 2024/102), regs. 2(1)(e)(2), 34(5)(6)(d) (with Sch. 3)
- C2
Reg. 22 modified (30.1.2024 for specified purposes, 1.11.2024 in so far as not already in force) by The Securitisation Regulations 2024 (S.I. 2024/102), regs. 2(1)(e)(2), 34(5)(6)(d) (with Sch. 3) (as amended by S.I. 2024/705, regs. 1(2), 2(2))
Notes on Part 3
Modifications
- C1
Pt. 3 modified (31.12.2020) by The Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333), regs. 1(1), 11(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
Pt. 3 modified (31.12.2020) by The Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/343), regs. 1(1), 11(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)