Regulation 23 Definitions and general

(1)

In Article 1—

(a)

in the opening words, for “Article 2 of Directive 2011/61/EU” substitute “regulation 2 of the AIFM Regulations 2013”;

(b)

in point (3), for “Article 8(1)(c) of Directive 2011/61/EU”, substitute “section 4.2 of the Senior Management Arrangements, Systems and Controls sourcebook”;

(c)

insert at the end—

“(6)
“FCA” means the Financial Conduct Authority;

(7)
“FSMA” means the Financial Services and Markets Act 2000^f1;

(8)
“UCITS” has the meaning given in section 236A of FSMA;

(9)
“UK UCITS” has the meaning given in section 237(3) of FSMA^f2;

(10)
“UK provisions” means FSMA, secondary legislation made under FSMA or under the European Communities Act 1972 and rules made by the FCA under FSMA;

(11)
Any reference in this Regulation to a sourcebook is to a sourcebook in the Handbook of Rules and Guidance published by the FCA under FSMA as in force on exit day^f3;

(12)
“the Regulated Activities Order 2001” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001^f4;

(13)
“the AIFM Regulations 2013” means the Alternative Investment Fund Managers Regulations 2013^f5;

(14)
“Regulation (EU) No 600/2014” means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012.”.

(2)

Before Article 2, omit “(Article 3(2) of Directive 2011/61/EU)”.

(3)

In Article 2—

(a)

in paragraph 1—

(i)

in the opening words, for “Article 3(2) of Directive 2011/61/EU” substitute “Article 51ZF^f6 of, and paragraph 2 of Schedule 8 to, the Regulated Activities Order 2001”;

(ii)

in point (a), for “Article 5 of Directive 2011/61/EU” substitute “regulation 4(3) of the AIFM Regulations 2013”;

(iii)

in point (c), for “Article 3(2) of Directive 2011/61/EU” substitute “regulation 9(1) of the AIFM Regulations 2013”;

(b)

in paragraph 2—

(i)

in the first subparagraph, for “designated management company under Directive 2009/65/EC” substitute “management company (as defined in section 237(2) of FSMA)”;

(ii)

in the second subparagraph, for “Article 20 of Directive 2011/61/EU” substitute “section 3.10 of the Investment Funds sourcebook”;

(c)

in paragraph 6, for “competent authority” substitute “FCA”.

(4)

In Article 3, in the second subparagraph, for “Article 3(2) of Directive 2011/61/EU” substitute “regulation 9(1) of the AIFM Regulations 2013”.

(5)

In Article 4—

(a)

in paragraph 2, for “Article 7 of Directive 2011/61/EU” substitute “sections 55A and 55U of FSMA^f7”;

(b)

in paragraphs 2, 3 and 5, for “competent authority” substitute “FCA”.

(6)

In Article 5—

(a)

in paragraph 1—

(i)

for “Article 3(3)(b) of Directive 2011/61/EU”, substitute “regulation 11(1) of the AIFM Regulations 2013”;

(ii)

for “competent authorities” substitute “FCA”;

(b)

in paragraph 2, for “Article 3(3)(c) of Directive 2011/61/EU” substitute “regulation 11(1) of the AIFM Regulations 2013”;

(c)

in paragraph 3, for “point (d) of Article 3(3) of Directive 2011/61/EU” substitute “regulation 21 of the AIFM Regulations 2013”;

(d)

omit paragraph 4;

(e)

in paragraph 5—

(i)

for “Article 46 of Directive 2011/61/EU” substitute “FSMA”;

(ii)

for “competent authorities” substitute “FCA”;

(iii)

for “Article 3 of Directive 2011/61/EU” substitute “regulations 11 and 21 of the AIFM Regulations 2013”.

(7)

Before Article 6, omit “(Article 4(3) of Directive 2011/61/EU)”.

(8)

In Article 6(2), omit the second subparagraph.

(9)

In Article 7, in the opening words, for “Article 19 of Directive 2011/61/EU and all delegated acts adopted pursuant to it” substitute “section 3.9 of the Investment Funds sourcebook, and all delegated acts adopted pursuant to Article 19 of Directive 2011/61/EU which form part of retained EU law”.

(10)

In Article 8—

(a)

in paragraph 1, for “Article 19 of Directive 2011/61/EU and its corresponding delegated acts” substitute “section 3.9 of the Investment Funds sourcebook, and all delegated acts adopted pursuant to Article 19 of Directive 2011/61/EU which form part of retained EU law”;

(b)

in paragraph (8)(b), for “points 1 to 3 of Section C of Annex I to Directive 2004/39/EC” substitute “paragraphs 1 to 3 of Part 1 of Schedule 2 to the Regulated Activities Order 2001”^f8.

(11)

Before Article 12, omit “(Article 9(7) and Article 15 of Directive 2011/61/EU)”.

(12)

In Article 12(1), for “Article 9(7) of Directive 2011/61/EU” substitute “rule 11.2.1 of the Interim Prudential sourcebook for Investment Businesses”.

(13)

In Article 14—

(a)

in paragraphs 4 and 5 for “competent authority of the home Member State of the AIFM” substitute “FCA”;

(b)

in paragraph 5, for “competent authority” the second time it occurs, substitute “FCA”.

(14)

In Article 15(2)—

(a)

in point (d)—

(i)

for “an EU or non-EU” substitute “a UK or non-UK”;

(ii)

for “Union law or national law” substitute “the law of the United Kingdom or of any part of the United Kingdom or the law of a third country”;

(b)

in the words following point (e), for “Article 9(1) and (3) of Directive 2011/61/EU” substitute “rules 11.3.1(2) and 11.3.2 of the Interim Prudential sourcebook for Investment Businesses”.

Annotations

Footnotes

f1: 2000 c. 8. Section 236A was inserted by the Collective Investment Schemes (Amendment) (EU Exit) Regulations 2018.
f2: Section 237(3) was amended by paragraph 9 of Schedule 18 to the Financial Services Act 2012 (c. 21), S.I. 2011/1613 and S.I. 2013/1388. There are other amendments to section 237(3) which are not relevant.
f3: Sourcebooks made by the Financial Conduct Authority are available on https://www.handbook.fca.org.uk/handbook and copies of the rules referred to can be obtained from the Financial Conduct Authority, 12 Endeavour Square, London E20 1JN, where it is also available for inspection.
f4: S.I. 2001/544.
f5: S.I. 2013/1773.
f6: Article 51ZF was substituted, with articles 51ZA to 51ZG, for article 51 by S.I. 2013/1773.
f7: 2000 c. 8. Sections 55A and 55U were substituted, with ss 55B to 55Z4, for the original Part IV by section 11(2) of the Financial Services Act 2012 (c. 21).
f8: Part 1 of Schedule 2 was amended by S.I. 2006/3384.