Regulation 38 Powers of the FCA

(1)

Article 33 (the heading to which becomes “Powers of the FCA”) is amended as follows.

(2)

In paragraph 1—

(a)

for “Competent authorities” substitute “The FCA”;

(b)

for “their” substitute “its”.

(3)

In paragraph 2, for “competent authorities in accordance with Directive 2011/61/EU” substitute “the FCA under the AIFM Regulations”.

(4)

In paragraph 3—

(a)

for “competent authority of the ELTIF” substitute “FCA”;

(b)

for “designation ‘ELTIF’ or ‘European long-term investment fund’” substitute “designation ‘LTIF’ or ‘long-term investment fund’”;

(c)

for “ELTIF no” substitute “LTIF no”.