# The Alternative Investment Fund Managers Regulations 2013, Regulation 57: Marketing of third country AIFs managed by full-scope UK AIFMs

Extent: E+W+S+N.I.

(1) An AIF falls within this paragraph if it is—
(a) a third country AIF, or
(b) a UK AIF or a Gibraltar AIF that is a feeder AIF, the master AIF of which is either managed by a third country AIFM or is a third country AIF, and
managed by an AIFM falling within paragraph (2).
(1A) An AIF does not fall within paragraph (1) if it is recognised under section 271A of the Act.
(2) An AIFM falls within this paragraph if it is—
(a) a full-scope UK AIFM; or
(b) a full-scope Gibraltar AIFM.
(3) An AIFM falling within paragraph (2) must give written notification to the FCA before marketing an AIF managed by it that falls within paragraph (1).
(4) The notification must include a statement confirming that the following conditions are met—
(a) subject to paragraph (5), the AIFM complies with the requirements of the Financial Services and Markets Act 2000, these Regulations, any EU tertiary legislation made under the directive which forms part of assimilated law and rules made by the FCA;
(b) appropriate cooperation arrangements for the purpose of systemic risk oversight and in line with international standards are in place between the FCA (in the case of a UK AIFM) or the Financial Services Commission of Gibraltar (in the case of a Gibraltar AIFM), and the supervisory authorities of the relevant third country, in order to ensure an efficient exchange of information that enables the FCA or the Financial Services Commission of Gibraltar to carry out its duties in accordance with these Regulations or the Financial Services (Alternative Investment Fund Managers) Regulations 2013 of Gibraltar;
(c) the relevant third country is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force.
(5) The AIFM need not comply with the requirements of section 3.11 of the Investment Funds sourcebook, and regulations 29 to 32 of these Regulations, provided that the AIFM—
(a) ensures that one or more entities, other than the AIFM, are appointed to carry out the duties mentioned in rules 3.11.4(2), 3.11.20, 3.11.21, 3.11.23 and 3.11.25 of the Investment Funds sourcebook (a “third country AIF custodian”); and
(b) informs the FCA about the identity of such entities.
(6) In this regulation, “the relevant third country” means—
(a) in the case of a third country AIF, the country where the AIF is established; and
(b) in a case falling within paragraph (1)(b), the country where the master AIF is established.

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Source: https://www.legislation.gov.uk/uksi/2013/1773/regulation/57 (the official version)
Page: https://openlegislation.uk/alternative-investment-fund-managers-regulations-2013/regulation-57
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.