Regulation 20 Schedule 1

for “an EEA state” substitute “the United Kingdom”;

for “provisions made under Article 42 of the alternative investment fund managers directive,” substitute “regulation 59 of the Alternative Investment Fund Managers Regulations 2013^f2, and”;

for “an EEA state” substitute “the United Kingdom”;

at the end, omit “and”;

omit “mentioned in Article 3.4 of the directive”;

for “of the directive” the second time it is mentioned, substitute “applying to a full-scope AIFM”;

after “UK AIF” insert “, Gibraltar AIF”;

for “an EEA State” substitute “the United Kingdom or Gibraltar”;

for paragraph (b) of the new definition of “UK AIFM” substitute—

“(b)

has its registered office in a third country, and the United Kingdom is—

(i)

the only country in which the AIFM intends to market AIFs;

(ii)

the country in which—

(aa)

most of the AIFs managed by that AIFM are established; or

(bb)

the largest amount of assets is being managed; or

(iii)

the country in which an AIFM intends to develop effective marketing for most of the AIFs it is managing.”;

omit paragraph (c);

omit sub-paragraph (a);

in sub-paragraph (b)(i), omit “, other competent authorities, ESMA”;

in sub-paragraph (b)(ii) for “pursuant to the directive” substitute “pursuant to the Financial Services and Markets Act 2000^f3, these Regulations, and any EU tertiary legislation made under the directive which forms part of EU retained law”;

for sub-paragraph (c), substitute—

“(c)

appropriate co-operation arrangements are in place between the FCA, the competent authority in relation to any EEA AIF managed by the applicant and the supervisory authorities of the third country in which the applicant has its registered office, in order to ensure an efficient exchange of information that enables the FCA to carry out its duties in accordance with the Financial Services and Markets Act 2000, these Regulations, and any EU tertiary legislation made under the directive which forms part of EU retained law;”;

in sub-paragraph (f), for “or the competent authority in relation to any EEA AIF managed by the applicant of its supervisory functions under the directive” substitute “of its supervisory functions under the Financial Services and Markets Act 2000, these Regulations and any EU tertiary legislation made under the directive which forms part of EU retained law”;

omit paragraph (a);

in paragraph (b), for “an EEA State” substitute “the United Kingdom or in Gibraltar”;

in paragraph (c), in the closing words, for “ESMA” substitute “the FCA”;

for “in an EEA State other than the UK, the competent authority in that EEA State”, substitute “in Gibraltar, the Financial Services Commission”; and

for “the FCA or competent authority to carry out its duties in accordance with the directive” substitute—

“—

(i)

the FCA to carry out its duties in accordance with the Financial Services and Markets Act 2000, these Regulations, and any EU tertiary legislation made under the directive which forms part of EU retained law, and

(ii)

the Financial Services Commission to carry out its duties in accordance with the Financial Services (Alternative Investment Fund Managers) Regulations 2013 of Gibraltar;”;

for “in an EEA State other than the UK, with that EEA State” substitute “in Gibraltar, with Gibraltar”; and

for “each other EEA State” substitute “each EEA State”;

at the end of paragraph (a), omit “, or”;

omit paragraph (b).