Regulation 37 Transparency requirements etc: AIFMs managing leveraged AIFs

(1)

Before Article 112, omit “(Article 25(3) of Directive 2011/61/EU)”.

(2)

In Article 112—

(a)

in paragraph 1—

(i)

for “competent authorities” substitute “the FCA”;

(ii)

for “exercise their” substitute “exercises its”;

(b)

in paragraph 2—

(i)

for “a competent authority” substitute “the FCA”;

(ii)

for “Articles 7(3), 15(4), 24(4) or 24(5) of Directive 2011/61/EU” substitute “rules 3.4.5, 3.4.6A, 3.4.6C and 3.7.7 of the Investment Funds sourcebook, or in response to a requirement imposed under section 55U(4) or 165 of FSMA^f1”;

(c)

in paragraph 3—

(i)

in the opening words—

(aa)

for “Competent authorities” substitute “The FCA”;

(bb)

for “their” substitute “its”;

(ii)

in point (c) for “competent authorities”, substitute “FCA”.

Annotations

Footnotes

f1: Section 55U was substituted, with the rest of Part 4A for the original Part 4 by section 11(2) of the Financial Services Act 2012 (c. 21). Section 165 was amended by section 24 of the Financial Services Act 2010 (c. 28), paragraph 1 of Schedule 12 to the Financial Services Act 2012; paragraph 36 of Schedule 2 to the Bank of England and Financial Services Act 2016 (c. 14), S.I. 2013/1773; S.I. 2015/575.