# The Alternative Investment Fund Managers Regulations 2013, Regulation 3: Meaning of “AIF”


(1) “AIF” means a collective investment undertaking, including investment compartments of such an undertaking, which—
(a) raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of these investors; and
(b) is not a UK UCITS;
(2) An AIF may be open-ended or closed-ended, and constituted in any legal form, including under a contract, by means of a trust or under statute.
(3) None of the following entities is an AIF—
(a) an institution for occupational retirement provision which falls within the scope of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision ;
(aa) an occupational pension scheme, within the meaning of section 1(1) (categories of pension schemes) of the Pension Schemes Act 1993;
(b) a holding company;
(c) an employee participation scheme or employee savings scheme;
(d) a securitisation special purpose entity.

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Source: https://www.legislation.gov.uk/uksi/2013/1773/regulation/3 (the official version)
Page: https://openlegislation.uk/alternative-investment-fund-managers-regulations-2013/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.