# The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (revoked) S.I. 2019/336 · made 20 February 2019 · revised to 29 August 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDFs: Printed copy https://openlegislation.uk/long-term-investment-funds-amendment-eu-exit-regulations-2019-revoked/pdf/uksi_20190336_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/long-term-investment-funds-amendment-eu-exit-regulations-2019-revoked/pdf/uksiem_20190336_en.pdf ## Introductory text Exiting The European Union Financial Services Made 20th February 2019 Coming into force in accordance with regulation 1(2) and (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 1: General ## 1 Citation and commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 2: Amendment of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 ## 2 Amendment of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Part 3: Amendment of Regulation (EU) 2015/760 ## 3 Amendment of Regulation (EU) 2015/760 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 4 Subject matter and objective . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 5 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 6 Authorisation and central public register . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 7 Designation and prohibition on transformation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 8 Application for authorisation as an LTIF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 9 Conditions for granting authorisation as an LTIF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 10 Applicable rules and liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 11 Obligations concerning the investment policies of LTIFs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 12 Investment compartments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 13 Eligible investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 14 Eligible investment assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 15 Qualifying portfolio undertaking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 16 Conflict of interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 17 Portfolio composition and diversification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 18 Rectification of investment positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 19 Concentration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 20 Borrowing of cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 21 Application of portfolio composition and diversification rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 22 Redemption, trading and issue of units or shares of an LTIF and distribution of proceeds and capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 23 Redemption policy and life of LTIFs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 24 Secondary market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 25 Issuance of new units or shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 26 Disposal of LTIF assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 27 Distribution of proceeds and capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 28 Transparency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 29 Additional requirements of the prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 30 Cost disclosure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 31 Facilities available to investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 32 Internal assessment process for LTIFs marketed to retail investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 33 Specific requirements concerning the distribution of LTIFs to retail investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 34 Specific provisions concerning the depository of an LTIF marketed to retail investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 35 Additional requirements for marketing LTIFs to retail investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 36 Marketing of units or shares of LTIFs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 37 Supervision by the FCA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 38 Powers of the FCA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 39 Omission of Articles 34 to 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## 40 Omission of words after Article 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Signature . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ## Explanatory note . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . --- Source: https://www.legislation.gov.uk/uksi/2019/336 (the official version) Page: https://openlegislation.uk/long-term-investment-funds-amendment-eu-exit-regulations-2019-revoked Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.