# The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2018, Regulation 27: Liquidity management


(1) Before Article 46, omit “(Article 16 of Directive 2011/61/EU)”.
(2) In Article 46—
(a) for “competent authorities of their home Member State”, substitute “FCA”;
(b) for “Article 16(1) of Directive 2011/61/EU” substitute “rule 3.6.3 of the Investment Funds sourcebook”.
(3) In Article 47, in paragraph 1(c)—
(a) for “Article 16(1) of Directive 2011/61/EU” substitute “rule 3.6.3 of the Investment Funds sourcebook”;
(b) for “regulated market within the meaning of point (14) of Article 4(1) of Directive 2004/39/EC” substitute “UK regulated market within the meaning of point (13A) of Article 2(1) of Regulation (EU) No 600/2014”.
(4) In Article 49(1), for “Article 16(2) of Directive 2011/61/EU” substitute “rule 3.6.2 of the Investment Funds sourcebook”.

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Source: https://www.legislation.gov.uk/ukdsi/2018/9780111175323/regulation/27 (the official version)
Page: https://openlegislation.uk/draft-alternative-investment-fund-managers-amendment-etc-eu-exit-regulations-2018/regulation-27
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.