Regulation 7 Designation and prohibition on transformation

Article 4 (designation and prohibition on transformation) is amended as follows.

Before paragraph 1 insert—

“A1.

The designation ‘LTIF’ or ‘long-term investment fund’ in relation to a collective investment undertaking, or the units or shares it issues, may only be used where the collective investment undertaking—

(a)

immediately before exit day, was authorised by the FCA in accordance with Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds, as that Regulation had effect immediately before exit day; or

(b)

has been authorised by the FCA in accordance with this Regulation.”.

In paragraph 1, for the words from “where” to the end substitute—

“in the United Kingdom where the collective investment undertaking—

(a)

is an ELTIF as defined in Article 2(7E); or

(b)

immediately before exit day, was authorised by the FCA in accordance with Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds^f1, as that Regulation had effect immediately before exit day.”.

In paragraph 2, for “ELTIFs” substitute “LTIFs”.