Regulation 3 Meaning of “AIF”

(1)

“AIF” means a collective investment undertaking, including investment compartments of such an undertaking, which—

(a)

raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of these investors; and

(b)

does not require authorisation pursuant to Article 5 of the UCITS directive.

(2)

An AIF may be open-ended or closed-ended, and constituted in any legal form, including under a contract, by means of a trust or under statute.

(3)

None of the following entities is an AIF—

(a)

an institution for occupational retirement provision which falls within the scope of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision^f1;

(b)

a holding company;

(c)

an employee participation scheme or employee savings scheme;

(d)

a securitisation special purpose entity.

Annotations

Footnotes

f1: OJ L 235, 23.9.2003, p.10.