# The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2018, 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;
(8) “UCITS” has the meaning given in section 236A of FSMA;
(9) “UK UCITS” has the meaning given in section 237(3) of FSMA;
(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;
(12) “the Regulated Activities Order 2001” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
(13) “the AIFM Regulations 2013” means the Alternative Investment Fund Managers Regulations 2013;
(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 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”;
(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”.
(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”.

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Source: https://www.legislation.gov.uk/ukdsi/2018/9780111175323/regulation/23 (the official version)
Page: https://openlegislation.uk/draft-alternative-investment-fund-managers-amendment-etc-eu-exit-regulations-2018/regulation-23
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.