Regulation 36 Marketing of units or shares of LTIFs

(1)

Article 31 (the heading to which becomes “Marketing of units or shares of LTIFs”) is amended as follows.

(2)

For paragraph 1 substitute—

“1.

The manager of an LTIF may market the units or shares of that LTIF to professional and retail investors in the United Kingdom from the date on which the FCA approves the marketing under regulation 54 of the AIFM Regulations.”.

(3)

Omit paragraph 2.

(4)

In paragraph 3—

(a)

for “ELTIF” substitute “LTIF” in each place;

(b)

for “competent authorities” substitute “the FCA”.

(5)

In paragraph 4—

(a)

for “Articles 31 and 32 of Directive 2011/61/EU” substitute “regulation 54 of the AIFM Regulations”;

(b)

for “ELTIF” substitute “LTIF” in each place;

(c)

for “competent authorities” substitute “the FCA”.

(6)

In paragraph 5—

(a)

for “competent authorities” substitute “FCA”;

(b)

for “Articles 31 and 32 of Directive 2011/61/EU” substitute “regulations 54 and 55 of the AIFM Regulations”;

(c)

for “ELTIFs” substitute “LTIFs”.

(7)

For paragraph 6 substitute—

“6.

In addition to its powers set out in regulation 54(3) and (8) of the AIFM Regulations, the FCA must also prevent the marketing of an LTIF if the manager of the LTIF does not or will not comply with this Regulation.”.

(8)

Omit paragraph 7.