Regulation 9 AIFs and control

(1)

In regulation 36(1), for paragraph (b), substitute—

“(b)
for an issuer, holding the percentage of voting rights that confers control in the United Kingdom, calculated in accordance with rules made by the Panel on Takeovers and Mergers under the Companies Act 2006.”.

(2)

In regulation 37(1), in the closing words, omit “other than the United Kingdom”.

(3)

In regulation 42—

(a)

in paragraph (1), for “implementing provisions relating to Article 22 of the directive” substitute “rules 3.3.2 to 3.3.8 of the Investment Funds sourcebook”;

(b)

for paragraph (2) substitute—

“(2)
The duty in paragraph (1) does not arise if—

(a)
the non-listed company has its registered office in the United Kingdom and is required to draw up an annual report under the law applicable in the United Kingdom; and

(b)
the AIFM ensures that—

(i)
the annual report of the non-listed company contains the information in paragraph (3); and

(ii)
the report is made available by the board of directors of the company to the employees’ representatives or, where there are none, to the employees themselves within the period in which the annual report must be drawn up.”;

(c)

in paragraph (4), omit the words from “in accordance with” to the end of the paragraph.

(4)

In regulation 43—

(a)

in paragraph (4)(b), for “Article 20.1(b) to 20.1(h)” substitute “section 659(2)(b) or (c) of the Companies Act 2006^f1, or an acquisition permitted by Chapter 4 of Part 18 of that Act”;

(b)

in paragraph (5)—

(i)

for the definition of “law” substitute—

““law” means the law of the United Kingdom, or of any part of the United Kingdom”;

(ii)

omit the definition of “second company law directive”.

Annotations

Footnotes

f1: 2006 c. 46.