The Alternative Investment Fund Managers Regulations 2013
S.I. 2013/1773 · Made 16 July 2013 · Extends to United Kingdom
Financial Services And Markets
Made 16th July 2013
Coming into force 22nd July 2013
M1M2The Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 1972 in relation to financial services.
M3M4M5A draft of these Regulations has been laid before and approved by a resolution of each House of Parliament in accordance with paragraphs 2 and 2A(3)(a) of Schedule 2 to the European Communities Act 1972 , section 429(2) of the Financial Services and Markets Act 2000 and sections 784(3) and 1290 of the Companies Act 2006 .
The Treasury make these Regulations in exercise of the powers conferred on them under section 2(2) of the European Communities Act 1972 M6, and (in relation to Part 2 of Schedule 2 to these Regulations) sections 183, 188, 213(10), 214(5), 224(4), 262, 349 and 428(3) of, and paragraphs 13(1)(b), 14(1)(b), 17(b) and 22 of Schedule 3 to, the Financial Services and Markets Act 2000 M7 and sections 784 and 785 of the Companies Act 2006 M8.C1
Annotations to the whole text
Textual amendments
- F1
Regulations revoked (14.12.2023 for the revocation of reg. 79) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(vi)
Marginal citations
- M1
- M2
1972 c. 68. Section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c. 51) and the European Union (Amendment) Act 2008 (c.7), Schedule, Part 1. By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) of the European Communities Act to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183).
- M3
Paragraph 2 was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c. 51) and paragraph 2A was inserted by section 29 of that Act.
- M4
2000 c. 8. Section 429(2) was amended by paragraph 12 of Schedule 15 to the Companies Act 2006 (c. 46), section 178 of the Banking Act 2009 (c. 1) and paragraph 33 of Schedule 2 to the Financial Services Act 2010 (c. 28).
- M5
- M6
Section 14A of the Interpretation Act 1978 (c. 30) (inserted by section 59 of the Enterprise and Regulatory Reform Act 2013 (c. 24)) provides that, where an Act provides a power to make subordinate legislation, that subordinate legislation may include a requirement to review the effectiveness of the legislation.
- M7
Section 417(1) provides that “prescribed” means prescribed in regulations made by the Treasury. Sections 183 and 188 were substituted by S.I. 2009/534 and section 188 was amended by section 26(2) of the Financial Services Act 2012. Section 213(10) was substituted by S.I. 2011/1613. Section 262 was amended by paragraph 9 of Schedule 18 to the 2012 Act and by S.I. 2001/1265. Section 349 was amended by paragraph 19 of Schedule 12 to the 2012 Act and by other provisions not relevant here. Paragraph 13(1)(b) of Schedule 3 was amended by S.I. 2007/126. Paragraph 14(1)(b) of Schedule 3 was amended by S.I. 2003/1473 and 2003/2066. Paragraph 22 of Schedule 3 was amended by paragraph 14 of Schedule 4 to the 2012 Act.
- M8
Section 785 was amended by section 112 of the Financial Services Act 2012 (c. 21).
Modifications
- C1
Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)
Contents
- Part 1: Introductory provisions
- 1Citation and commencement
- 2Interpretation
- 3Meaning of “AIF”
- 3AArrangements not constituting an AIF: qualifying stablecoin arrangements
- 4Meaning of “AIFM”, “managing an AIF”, “external AIFM” and “internal AIFM”
- Part 2: Authorisation of full-scope UK AIFMs
- 5Applications for Part 4A permission
- 6Supplementary provisions about AIFMs
- 7Changes in conditions relevant to authorisation
- 8Notification to ESMA Repealed
- Part 3: Small AIFMs
- 9Meaning of “small AIFM”
- 10Small registered UK AIFMs
- 11Applications for entry on register of small registered UK AIFMs
- 12Determination of applications
- 13Procedure when refusing an application
- 14Notification of new funds under the EuSEF Regulation or the EuVECA Regulation Repealed
- 15Small registered AIFMs ceasing to meet the requirements for registration
- 16Applications for revocation of registration
- 17Grounds for revocation of registration
- 18Procedure on revocation
- 19Grounds for suspension of registration
- 20Procedure on suspension
- 21Disclosure obligations of small registered UK AIFMs
- 22Power to direct small registered UK AIFMs and SEF and RVECA Managers to take appropriate measures
- 23Application of FCA rules to small authorised UK AIFMs
- Part 3A: LTIFs Repealed
- 23AManner of application for UK LTIF authorisation Repealed
- 23BProcedure in relation to the refusal of an application for UK LTIF authorisation Repealed
- 23CProcedure in relation to the revocation of UK LTIF authorisation otherwise than by consent Repealed
- Part 3B: Qualifying social entrepreneurship funds and qualifying venture capital funds
- 23DManner of application for registration of a qualifying social entrepreneurship fund or qualifying venture capital fund
- 23EProcedure in relation to the refusal of an application for registration of a qualifying social entrepreneurship fund or qualifying venture capital fund
- 23FProcedure in relation to the revocation of registration of a qualifying social entrepreneurship fund or qualifying venture capital fund otherwise than by consent
- Part 3C: MMFs
- 23GManner of application for MMF authorisation
- 23HProcedure in relation to the refusal of an application for MMF authorisation
- 23IProcedure in relation to the revocation of MMF authorisation otherwise than by consent
- Part 4: Operating conditions for external valuers, full-scope AIFMs and depositaries
- 24Valuation
- 25Disqualification of external valuer
- 26Approval for delegation of functions by full-scope UK AIFMs
- 27Revocation of approval for delegation
- 28Liability following delegation ...
- 29Depositary liability: general provisions
- 30Depositary liability for loss of financial instruments held in custody
- 31Depositary liability for other losses
- 32Depositary liability and third country custodians
- 33Management of third country AIFs
- Part 5: AIFs which acquire control of non-listed companies and issuers
- 34Introductory provision
- 35Ways of acquiring control or shares
- 36Meaning of “control” and calculation of voting rights
- 37Confidential information
- 38Notification of the acquisition or disposal of major holdings and control of non-listed companies
- 39Disclosure in case of acquisition of control
- 40Additional disclosure when control is acquired of non-listed companies
- 41Sensitive information
- 42Annual report of AIFs exercising control of non-listed companies
- 43Asset stripping
- 44FCA powers in relation to this Part
- Part 6: Marketing of AIFs
- Chapter 1: General Provisions
- 45References in this Part to an AIFM or an investment firm marketing an AIF
- 46Application of the financial promotion and scheme promotion restrictions
- 47Marketing at the initiative of the investor
- 48Marketing under the designation 'SEF’ or ‘RVECA'
- 49Marketing by full-scope Gibraltar AIFMs of certain AIFs
- 50Marketing by AIFMs of other AIFs
- 51Marketing of AIFs by investment firms
- 52Contravention by unauthorised person
- 53Contravention by authorised person
- Chapter 2: Marketing of AIFs by full-scope AIFMs
- 54FCA approval for marketing
- 55Change to information provided with application
- 56Suspension or revocation of approval granted to a full-scope Gibraltar AIFM
- Chapter 3: National Private Placement
- 57Marketing of third country AIFs managed by full-scope UK AIFMs
- 58Marketing of AIFs managed by small third country AIFMs
- 59Marketing of AIFs managed by other third country AIFMs
- 60Manner and content of notifications
- 61Material change to information
- 62Revocation of entitlement to market
- 63Suspension of entitlement to market
- 64Procedure on suspension
- Part 7: Duties and powers of the FCA
- 65Designation as competent authority
- 66Requirement to notify ESMA of information required from AIFMs Repealed
- 67Use of information by FCA ...
- 68Limits on leverage
- 69Exchange of information relating to potential systemic consequences of AIFM activity Repealed
- Part 7A: Transfer of functions
- 69ATransfer of the directive functions
- Part 8: Application of provisions of the Act
- 70Application of procedural provisions of the Act
- 71Application of provisions of the Act to unauthorised AIFMs
- Part 9: Transitional Provisions
- 72AIFMs managing AIFs immediately before 22nd July 2013
- 73AIFs subject to prospectus directive
- 74Closed-ended AIFs that make no additional investments
- 75Closed-ended AIFs whose subscription period has closed
- 76Permission to act as trustee or depositary of an AIF
- 77Depositaries of EEA AIFs until 22nd July 2017
- 78Permission for existing managers, depositaries and trustees of UCITS
- Part 9A: Temporary Marketing Provisions
- 78ATemporary marketing permissions: AIFs etc
- 78BDeemed authorisation
- 78CPeriod during which regulation 78A(1) is to apply
- 78DFCA powers
- 78EPower to extend the period during which a fund may be marketed
- Part 10: Final provisions
- 79Review Repealed
- 80Amendments to primary legislation
- 81Amendments to secondary legislation
- Signature
- Schedule A1: Transfer of Functions to the Treasury and the FCA
- Part 1: Directive functions transferred to the Treasury
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- Part 2: Directive functions transferred to the FCA
- 26Paragraph 26
- Part 3: Powers to make technical standards transferred to the FCA
- 27Paragraph 27
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- Schedule 1: AMENDMENTS TO PRIMARY LEGISLATION
- Part 1: Amendments to the Financial Services and Markets Act 2000
- 1Paragraph 1
- 2Paragraph 2
- 3Paragraph 3
- 4Paragraph 4
- 5Paragraph 5
- 6Paragraph 6
- 7Paragraph 7
- 8Paragraph 8
- 9Paragraph 9
- 10Paragraph 10
- 11Paragraph 11
- 12Paragraph 12
- 13Paragraph 13
- 14Paragraph 14
- 15Paragraph 15
- 16Paragraph 16
- 17Paragraph 17
- 18Paragraph 18
- 19Paragraph 19
- 20Paragraph 20
- 21Paragraph 21
- 22Paragraph 22
- 23Paragraph 23
- 24Paragraph 24
- 25Paragraph 25
- 26Paragraph 26
- 27Paragraph 27
- 28Paragraph 28
- 29Paragraph 29
- 30Paragraph 30
- 31Paragraph 31
- 32Paragraph 32
- 33Paragraph 33
- 34Paragraph 34
- 35Paragraph 35
- 36Paragraph 36
- Part 2: Amendments to other primary legislation
- 37Charities Act (Northern Ireland) 1964
- 38Fair Trading Act 1973
- 39Companies Act 1989
- 40Value Added Tax Act 1994
- 41Terrorism Act 2000
- 42Companies Act 2006
- 43Charities Act (Northern Ireland) 2008
- 44Charities Act 2011
- Part 3: Transitional provisions in respect of recognised overseas schemes
- 45Paragraph 45
- Schedule 2: AMENDMENTS TO SECONDARY LEGISLATION
- Part 1: Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
- 1Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
- Part 2: Amendments to other secondary legislation
- 2Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975
- 3Companies (No. 2) (Northern Ireland) Order 1990
- 4Individual Savings Account Regulations 1998
- 5Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001
- 6Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001
- 7Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001
- 8Financial Services and Markets Act 2000 (Exemption) Order 2001
- 9Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001
- 10Open-Ended Investment Companies Regulations 2001
- 11Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001
- 12Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
- 13Financial Services and Markets Act 2000 (Consultation with Competent Authorities) Regulations 2001 Repealed
- 14Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001
- 15Uncertificated Securities Regulations 2001
- 16Financial Services and Markets Act 2000 (Collective Investment Schemes) (Designated Countries and Territories) Order 2003
- 17Financial Conglomerates and Other Financial Groups Regulations 2004
- 18Child Trust Funds Regulations 2004
- 19Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
- 20Offshore Funds (Tax) Regulations 2009
- 21Financial Services and Markets Act 2000 (Short Selling) Regulations 2012
- 22Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013
- 23Financial Services Act 2012 (Misleading Statements and Impressions) Order 2013
- 24CRC Energy Efficiency Scheme Order 2013
- Explanatory note