{
  "url": "https://openlegislation.uk/draft-alternative-investment-fund-managers-amendment-etc-eu-exit-regulations-2018/regulation-41",
  "json_url": "https://openlegislation.uk/draft-alternative-investment-fund-managers-amendment-etc-eu-exit-regulations-2018/regulation-41.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/41",
  "kind": "regulation",
  "number": "41",
  "heading": "Commission Implementing Regulation (EU) No 447/2013",
  "text": "(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.\n(2) In Article 1—\n(a) in the first subparagraph of paragraph 1—\n(i) for “Article 3(2) of Directive 2011/61/EU” substitute “regulation 9 of the Alternative Investment Fund Managers Regulations 2013 (the “AIFM Regulations 2013”)”;\n(ii) for “under that Directive” substitute “to regulation as a full-scope AIFM”;\n(iii) for “competent authority of its home Member State” substitute “Financial Conduct Authority”;\n(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 (“FSMA”) and regulation 5 of the AIFM Regulations 2013”;\n(c) in paragraph 2—\n(i) for “competent authority of the home Member State” substitute “Financial Conduct Authority”;\n(ii) for “Article 7 of that Directive” substitute “section 55U of FSMA and by regulation 5 of the AIFM Regulations 2013”;\n(iii) for “Article 3(3) of that Directive” substitute “regulations 11, 15 and 21 of the AIFM Regulations 2013”;\n(iv) for “the competent authority” the second time it occurs, substitute “the Financial Conduct Authority”;\n(v) for “Article 5 of Directive 2009/65/EC” substitute “sections 242 and 261C of FSMA and regulation 12 of the Open-Ended Investment Companies Regulations 2001”;\n(d) in paragraph 3—\n(i) for “competent authority of the home Member State” substitute “Financial Conduct Authority”;\n(ii) for “paragraphs 1 to 5 of Article 8 of Directive 2011/61/EU” substitute “regulation 5 of the AIFM Regulations 2013”.\n(3) Omit the words “This Regulation shall be binding in its entirety and directly applicable in all Member States” after Article 2.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Regulation 5 was amended by S.I 2013/1797, and is amended by these Regulations."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "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)."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "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."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "S.I. 2001/1228. Regulation 12 was amended by S.I. 2018/698."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2018/9780111175323/regulation/41",
    "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."
}