Regulation 41 Commission Implementing Regulation (EU) No 447/2013

(1)

Commission Implementing Regulation (EU) No 447/2013 establishing the procedure for AIFMs which choose to opt in under Directive 2011/61/EU of the European Parliament and of the Council is amended as follows.

(2)

In Article 1—

(a)

in the first subparagraph of paragraph 1—

(i)

for “Article 3(2) of Directive 2011/61/EU” substitute “regulation 9 of the Alternative Investment Fund Managers Regulations 2013^f1 (the “AIFM Regulations 2013”)”;

(ii)

for “under that Directive” substitute “to regulation as a full-scope AIFM”;

(iii)

for “competent authority of its home Member State” substitute “Financial Conduct Authority”;

(b)

in the second subparagraph of paragraph 1, for “paragraphs 1 to 5 of Article 7 of Directive 2011/61/EU and in the measures adopted in implementation thereof” substitute “section 55U of the Financial Services and Markets Act 2000^f2 (“FSMA”) and regulation 5 of the AIFM Regulations 2013”;

(c)

in paragraph 2—

(i)

for “competent authority of the home Member State” substitute “Financial Conduct Authority”;

(ii)

for “Article 7 of that Directive” substitute “section 55U of FSMA and by regulation 5 of the AIFM Regulations 2013”;

(iii)

for “Article 3(3) of that Directive” substitute “regulations 11, 15 and 21 of the AIFM Regulations 2013”;

(iv)

for “the competent authority” the second time it occurs, substitute “the Financial Conduct Authority”;

(v)

for “Article 5 of Directive 2009/65/EC” substitute “sections 242 and 261C of FSMA^f3 and regulation 12 of the Open-Ended Investment Companies Regulations 2001^f4”;

(d)

in paragraph 3—

(i)

for “competent authority of the home Member State” substitute “Financial Conduct Authority”;

(ii)

for “paragraphs 1 to 5 of Article 8 of Directive 2011/61/EU” substitute “regulation 5 of the AIFM Regulations 2013”.

(3)

Omit the words “This Regulation shall be binding in its entirety and directly applicable in all Member States” after Article 2.

Annotations

Footnotes

f1: Regulation 5 was amended by S.I 2013/1797, and is amended by these Regulations.
f2: Section 55U was inserted into the Act, with the rest of Part 4A of that Act, by section 11(2) of the Financial Services Act 2012 (c. 21).
f3: Section 242 was amended by S.I. 2013/423 and 2018/698 and section 261C was inserted by S.I. 2013/1388 and amended by S.I. 2018/698.
f4: S.I. 2001/1228. Regulation 12 was amended by S.I. 2018/698.