Regulation 78C Period during which regulation 78A(1) is to applyF1F2
The period referred to in regulation 78A(1) (“the relevant period”) ends—
after three years beginning with the day on which F3IP completion day occurs; or
if paragraph (4) applies, the day determined in accordance with paragraph (4).
Paragraph (4) applies where a person has given written notification under regulation 57 (subject to paragraph (3)), 58 or 59—
during such period, ending no later than the end of the period of two years beginning with the day on which IP completion day occurs (“the two year period”), as the FCA may direct, or
if the FCA does not direct such a period, before the end of the two year period.
If an AIF was marketed in the United Kingdom by an EEA AIFM before IP completion day under regulation 57, the AIFM must give notice to the FCA for the purposes of paragraph (2) under regulation 58 or 59.
Where this paragraph applies, the relevant period ends with the day after the day on which notice is given by the person concerned.
If the FCA exercises the power to direct a period during which notice may be given, the FCA must direct the same period in relation to all persons to whom the power relates.
Subject to paragraph (5), the power to give a direction under this regulation includes the power—
to give different directions to different persons or categories of person;
to vary or revoke a previous direction.
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
Pt. 9A inserted (20.2.2019) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(2), 14 (as amended by S.I. 2019/325, reg. 58)
- F3
Words in reg. 78C substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 3(c)