{
  "url": "https://openlegislation.uk/draft-alternative-investment-fund-managers-regulations-2013/regulation-3",
  "json_url": "https://openlegislation.uk/draft-alternative-investment-fund-managers-regulations-2013/regulation-3.json",
  "legislation": "ukdsi/2013/9780111540206",
  "legislation_title": "The Alternative Investment Fund Managers Regulations 2013",
  "legislation_url": "https://openlegislation.uk/draft-alternative-investment-fund-managers-regulations-2013",
  "path": "regulation/3",
  "kind": "regulation",
  "number": "3",
  "heading": "Meaning of “AIF”",
  "text": "(1) “AIF” means a collective investment undertaking, including investment compartments of such an undertaking, which—\n(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\n(b) does not require authorisation pursuant to Article 5 of the UCITS directive.\n(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.\n(3) None of the following entities is an AIF—\n(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;\n(b) a holding company;\n(c) an employee participation scheme or employee savings scheme;\n(d) a securitisation special purpose entity.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "OJ L 235, 23.9.2003, p.10."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2013/9780111540206/regulation/3",
    "retrieved_at": "2026-10-30T14:49:44.041803+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."
}