{
  "url": "https://openlegislation.uk/draft-alternative-investment-fund-managers-amendment-etc-eu-exit-regulations-2018/regulation-26",
  "json_url": "https://openlegislation.uk/draft-alternative-investment-fund-managers-amendment-etc-eu-exit-regulations-2018/regulation-26.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/26",
  "kind": "regulation",
  "number": "26",
  "heading": "Risk management",
  "text": "(1) Before Article 38, omit “(Article 15 of Directive 2011/61/EU)”.\n(2) In Article 39(1)—\n(a) in point (b), for “point (c) of Article 23(4) of Directive 2011/61/EU” substitute “rule 3.2.5(3) of the Investment Funds sourcebook”;\n(b) in point (d)(i), for “Article 23(4)(c) of Directive 2011/61/EU” substitute “rule 3.2.5(3) of the Investment Funds sourcebook”.\n(3) In Article 40(3)(d), for “Article 23(4)(c) of Directive 2011/61/EU” substitute “rule 3.2.5(3) of the Investment Funds sourcebook”.\n(4) In Article 41(4), for “competent authority of its home Member State” substitute “FCA”.\n(5) In Article 42(3)—\n(a) for “competent authorities of the home Member State of the AIFM” substitute “FCA”;\n(b) for “the second subparagraph of Article 15(1) of Directive 2011/61/EU” substitute “rule 3.7.2(2) of the Investment Funds sourcebook”.\n(6) In Article 43(1), for “Article 15(1) of Directive 2011/61/EU” substitute “rule 3.7.2 of the Investment Funds sourcebook”.\n(7) In Article 44—\n(a) in paragraph 1, for “competent authority” substitute “FCA”;\n(b) in paragraph 3, for “point (c) of Article 23(4) of Directive 2011/61/EU” substitute “rule 3.2.5(3) of the Investment Funds sourcebook”.\n(8) In Article 45(2), for “point (c) of Article 23(4) of Directive 2011/61/EU” substitute “rule 3.2.5(3) of the Investment Funds sourcebook”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2018/9780111175323/regulation/26",
    "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."
}