{
  "url": "https://openlegislation.uk/draft-alternative-investment-fund-managers-amendment-etc-eu-exit-regulations-2018/regulation-23",
  "json_url": "https://openlegislation.uk/draft-alternative-investment-fund-managers-amendment-etc-eu-exit-regulations-2018/regulation-23.json",
  "legislation": "ukdsi/2018/9780111175323",
  "legislation_title": "The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2018",
  "legislation_url": "https://openlegislation.uk/draft-alternative-investment-fund-managers-amendment-etc-eu-exit-regulations-2018",
  "path": "regulation/23",
  "kind": "regulation",
  "number": "23",
  "heading": "Definitions and general",
  "text": "(1) In Article 1—\n(a) in the opening words, for “Article 2 of Directive 2011/61/EU” substitute “regulation 2 of the AIFM Regulations 2013”;\n(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”;\n(c) insert at the end—\n“(6) “FCA” means the Financial Conduct Authority;\n(7) “FSMA” means the Financial Services and Markets Act 2000;\n(8) “UCITS” has the meaning given in section 236A of FSMA;\n(9) “UK UCITS” has the meaning given in section 237(3) of FSMA;\n(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;\n(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;\n(12) “the Regulated Activities Order 2001” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;\n(13) “the AIFM Regulations 2013” means the Alternative Investment Fund Managers Regulations 2013;\n(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.”.\n(2) Before Article 2, omit “(Article 3(2) of Directive 2011/61/EU)”.\n(3) In Article 2—\n(a) in paragraph 1—\n(i) in the opening words, for “Article 3(2) of Directive 2011/61/EU” substitute “Article 51ZF of, and paragraph 2 of Schedule 8 to, the Regulated Activities Order 2001”;\n(ii) in point (a), for “Article 5 of Directive 2011/61/EU” substitute “regulation 4(3) of the AIFM Regulations 2013”;\n(iii) in point (c), for “Article 3(2) of Directive 2011/61/EU” substitute “regulation 9(1) of the AIFM Regulations 2013”;\n(b) in paragraph 2—\n(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)”;\n(ii) in the second subparagraph, for “Article 20 of Directive 2011/61/EU” substitute “section 3.10 of the Investment Funds sourcebook”;\n(c) in paragraph 6, for “competent authority” substitute “FCA”.\n(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”.\n(5) In Article 4—\n(a) in paragraph 2, for “Article 7 of Directive 2011/61/EU” substitute “sections 55A and 55U of FSMA”;\n(b) in paragraphs 2, 3 and 5, for “competent authority” substitute “FCA”.\n(6) In Article 5—\n(a) in paragraph 1—\n(i) for “Article 3(3)(b) of Directive 2011/61/EU”, substitute “regulation 11(1) of the AIFM Regulations 2013”;\n(ii) for “competent authorities” substitute “FCA”;\n(b) in paragraph 2, for “Article 3(3)(c) of Directive 2011/61/EU” substitute “regulation 11(1) of the AIFM Regulations 2013”;\n(c) in paragraph 3, for “point (d) of Article 3(3) of Directive 2011/61/EU” substitute “regulation 21 of the AIFM Regulations 2013”;\n(d) omit paragraph 4;\n(e) in paragraph 5—\n(i) for “Article 46 of Directive 2011/61/EU” substitute “FSMA”;\n(ii) for “competent authorities” substitute “FCA”;\n(iii) for “Article 3 of Directive 2011/61/EU” substitute “regulations 11 and 21 of the AIFM Regulations 2013”.\n(7) Before Article 6, omit “(Article 4(3) of Directive 2011/61/EU)”.\n(8) In Article 6(2), omit the second subparagraph.\n(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”.\n(10) In Article 8—\n(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”;\n(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”.\n(11) Before Article 12, omit “(Article 9(7) and Article 15 of Directive 2011/61/EU)”.\n(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”.\n(13) In Article 14—\n(a) in paragraphs 4 and 5 for “competent authority of the home Member State of the AIFM” substitute “FCA”;\n(b) in paragraph 5, for “competent authority” the second time it occurs, substitute “FCA”.\n(14) In Article 15(2)—\n(a) in point (d)—\n(i) for “an EU or non-EU” substitute “a UK or non-UK”;\n(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”;\n(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”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "2000 c. 8. Section 236A was inserted by the Collective Investment Schemes (Amendment) (EU Exit) Regulations 2018."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "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."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "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."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "S.I. 2001/544."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "S.I. 2013/1773."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "Article 51ZF was substituted, with articles 51ZA to 51ZG, for article 51 by S.I. 2013/1773."
    },
    {
      "type": "footnote",
      "label": "f7",
      "text": "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)."
    },
    {
      "type": "footnote",
      "label": "f8",
      "text": "Part 1 of Schedule 2 was amended by S.I. 2006/3384."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2018/9780111175323/regulation/23",
    "retrieved_at": "2026-10-30T15:03:10.251641+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}