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Regulation 24 Operating conditions for AIFMs: general principles

Original text. Later amendments are not shown.

(1)

Before Article 16, omit “(Article 12(1) of Directive 2011/61/EU)”.

(2)

For Article 16, substitute—

“Article 16

General obligations of the FCA

When assessing the AIFM’s compliance with rules 2.1.4 and 18.5A.3 of the Conduct of Business sourcebook and rules 4.1.2C and 10.1.24 in the Senior Management Arrangements, Systems and Controls sourcebook, the FCA shall use at least the criteria laid down in this Section.”.

(3)

In Article 21, in the opening words, for “competent authorities” substitute “the FCA”.

(4)

In Article 24, in the opening words, for “Annex I to Directive 2011/61/EU” substitute “rule 1.4.7 of the Investment Funds sourcebook”.

(5)

In Article 29, for “UCITS”, wherever it occurs, substitute “UK UCITS”.