# The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2018, 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 (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 (“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 and regulation 12 of the Open-Ended Investment Companies Regulations 2001”;
(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.

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Source: https://www.legislation.gov.uk/ukdsi/2018/9780111175323/regulation/41 (the official version)
Page: https://openlegislation.uk/draft-alternative-investment-fund-managers-amendment-etc-eu-exit-regulations-2018/regulation-41
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.