Regulation 4 InterpretationC1I1

for the definition of “Gibraltar-based firm”M1 substitute—

““Gibraltar-based firm” means—

(a)

a firm which—

(i)

is an AIFM, as defined in Article 4(1)(b) of the alternative investment fund managers directive M2, reading the reference in Article 4(1)(a)(ii) of that directive to authorisation pursuant to the UCITS directive M3 as a reference to authorisation under the law of Gibraltar which implemented the UCITS directive, and

(ii)

is authorised as such by the Gibraltar Financial Services Commission under the law of Gibraltar which implemented the alternative investment fund managers directive; or

(b)

a firm not falling within paragraph (a) which has its head office in Gibraltar.”.