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Article 111 Use of leverage on a ‘substantial basis’

United Kingdom

Original text. Later amendments are not shown.

1.

Leverage shall be considered to be employed on a substantial basis for the purposes of F1rule 3.4.5 of the Investment Funds sourcebook when the exposure of an AIF as calculated according to the commitment method under Article 8 of this Regulation exceeds three times its net asset value.

2.

Where the requirements referred to in paragraph 1 of this Article are fulfilled, AIFMs shall provide information in accordance with F2rule 3.4.5 of the Investment Funds sourcebook to the F3FCA in accordance with the principles laid down in Article 110(3) of this Regulation.

Annotations

Textual amendments

F1

Words in Art. 111(1) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 36(9)(a) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)

F2

Words in Art. 111(2) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 36(9)(a) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)

F3

Word in Art. 111(2) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 36(9)(b) (as amended by S.I. 2019/325, regs. 1(3), 58); 2020 c. 1, Sch. 5 para. 1(1)