# The Alternative Investment Fund Managers Regulations 2013, 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;
(b) a holding company;
(c) an employee participation scheme or employee savings scheme;
(d) a securitisation special purpose entity.

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Source: https://www.legislation.gov.uk/ukdsi/2013/9780111540206/regulation/3 (the official version)
Page: https://openlegislation.uk/draft-alternative-investment-fund-managers-regulations-2013/regulation-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.