Regulation 8 Application for authorisation as an LTIF

(1)

Article 5 (the heading to which becomes “Application for authorisation as an LTIF”) is amended as follows.

(2)

In paragraph 1—

(a)

for “competent authority of the ELTIF” substitute “FCA” in both places;

(b)

for the other references to “ELTIF” substitute “LTIF” in both places.

(3)

In paragraph 2—

(a)

for “an EU AIFM authorised under Directive 2011/61/EU” substitute “a UK AIFM”;

(b)

for “competent authority of the ELTIF” where it first appears substitute “FCA”;

(c)

for “manage an ELTIF” substitute “manage an LTIF” in both places;

(d)

omit the sentence beginning “In the event that”;

(e)

in point (b) for “ELTIF” substitute “LTIF”;

(f)

in point (c), for “EU AIFM” substitute “UK AIFM”;

(g)

omit the third subparagraph.

(4)

In paragraph 3—

(a)

for “ELTIF” substitute “LTIF” in both places;

(b)

for “EU AIFM” substitute “UK AIFM”.

(5)

In paragraph 4, for “competent authority of the ELTIF” substitute “FCA”.

(6)

In paragraph 5—

(a)

for “an EU AIF” substitute “a UK AIF”;

(b)

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

(c)

for “an AIFM under Directive 2011/61/EU” substitute “a UK AIFM under the AIFM Regulations”;

(d)

for “Article 7 of Directive 2011/61/EU” substitute “Part 3A of the AIFM Regulations”;

(e)

for “EU AIF shall” substitute “UK AIF must”.