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The Alternative Investment Fund Managers (Amendment) Regulations 2013

Type Statutory-Instrument
Publication 2013-07-17
Last updated 2023-07-11
State In force
Department King's Printer of Acts of Parliament
Source legislation.gov.uk
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Made: 17th July 2013

Laid before Parliament: 18th July 2013

Coming into force in accordance with regulation 1

The Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 1972 in relation to financial services.

The Treasury make these Regulations in exercise of the powers conferred on them under section 2(2) of the European Communities Act 1972 and paragraphs 13(1)(b) and 22 of Schedule 3 to the Financial Services and Markets Act 2000 .

Citation and commencement

1

Interpretation

2

In these Regulations—

Amendments to legislation that implemented Articles 35 and 37 to 41 of the directive

3

Schedule 1, which contains amendments to the Act and the principal regulations, has effect.

Amendments to legislation that come into force on appointment by the Treasury

4

Schedule 2, which contains further amendments to the Act and the principal regulations, amendments to the Regulated Activities Order, and related transitional provisions, has effect.

Amendments to Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001

5

In the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 —

(aa) particulars of the programme of operations to be carried on through the branch, including a description of the particular EEA activities to be carried on;

, and

Consultation on rules made for the purposes of the provisions amended by Schedule 1

6

(3) The FCA must have regard to any representations made to it in accordance with subsection (2)(e) and must consider whether to amend the rules before they come into force.

(a) an analysis of the costs together with an analysis of the benefits that would arise— (i) if the rules came into force as published under subsection (1)(b), or (ii) if subsection (5) applies, from the rules as amended, and

, and

(3) The PRA must have regard to any representations made to it in accordance with subsection (2)(e) and must consider whether to amend the rules before they come into force.

(a) an analysis of the costs together with an analysis of the benefits that would arise— (i) if the rules came into force as published under subsection (1)(b), or (ii) if subsection (5) applies, from the rules as amended, and

, and

SCHEDULE 1 — Amendments to legislation that implement Articles 35 and 37 to 41 of the directive

Amendments to the Act

1

(5B) The seventh case is where— (a) the regulated activity being carried on by the person is the regulated activity of managing an AIF, (b) the AIF being managed— (i) has its registered office in the United Kingdom, or (ii) is marketed in the United Kingdom, (c) if the AIF being managed is marketed in the United Kingdom, it is marketed otherwise than in accordance with regulation 59 of the Alternative Investment Fund Managers Regulations 2013, and (d) the person does not have a registered office in the United Kingdom, ... (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5C) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

, and

(aa) in relation to a person whose entitlement derives from the alternative investment fund managers directive— (i) if the person's registered office is in an EEA State, its registered office; (ii) if the person's registered office is not in an EEA State, the registered office or branch of its legal representative (as defined in Article 4(1)(u) of the alternative investment fund managers directive);

(aa) in relation to a firm whose EEA right derives from the alternative investment fund managers directive— (i) if the firm's registered office is in an EEA State, its registered office; (ii) if the firm's registered office is not in an EEA State, the registered office or branch of its legal representative (as defined in Article 4(1)(u) of the alternative investment fund managers directive);

(b) if the AIF is a third country AIF or a third country feeder AIF— (i) appropriate co-operation arrangements are in place between the FCA and the supervisory authorities of the relevant third country in order to ensure an efficient exchange of information that allows the FCA to carry out its duties in accordance with the alternative investment fund managers directive, (ii) the relevant third country is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force, (iii) the relevant third country has signed an agreement with the United Kingdom and with each other EEA State in which the units or shares of the AIF are intended to be marketed, and (iv) the agreement fully complies with the standards laid down in Article 26 of the Organisation for Economic Co-operation and Development's Model Tax Convention on Income and on Capital 2010 and ensures an effective exchange of information on tax matters, including any multilateral tax agreements.

, and

  • “relevant third country” means—
    1. in relation to a third country AIF, the country in which the AIF is authorised or registered or, if the AIF is not authorised or registered, the country in which it has its registered office;
    2. in relation to a third country feeder AIF, the country in which the master AIF is authorised or registered or, if the master AIF is not authorised or registered, the country in which it has its registered office;
  • “third country AIF” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013;
  • “third country feeder AIF” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013;
  • “third country AIFM” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013.

a full-scope UK AIFM— (a) A's head office and registered office must be in the United Kingdom, or (b) A's registered office must be in a third country.

Amendments to the principal regulations

2

“third country feeder AIF” means a UK AIF , Gibraltar AIF or EEA AIF that— 1. is managed by an AIFM with its registered office in the United Kingdom or Gibraltar, and 2. is a feeder AIF whose the master AIF is a third country AIF or is managed by a third country AIFM;

, and

“UK AIFM” means an AIFM that— 1. has its registered office in the United Kingdom, 2. has its registered office in a third country but has been given permission by the FCA under Part 4A of the Act to carry on the regulated activity of managing an AIF. 3. ...

(4) Any reference in these Regulations to cancellation of a Part 4A permission to carry on the regulated activity of managing an AIF includes reference to the variation of a Part 4A permission to remove the regulated activity of managing an AIF from those activities to which the permission relates.

(5A) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) In the case of an applicant for Part 4A permission whose registered office is in a third country, the regulator must not give the Part 4A permission unless, in addition to the conditions specified in regulation 5(3) being met— (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) the applicant has appointed a legal representative who— (i) is the point of contact for the FCA... and investors in relation to the AIFs managed or to be managed by the applicant; (ii) is sufficiently equipped to perform the compliance function pursuant to the Financial Services and Markets Act 2000, these Regulations, and any EU tertiary legislation made under the directive which forms part of EU retained law in relation to those AIFs; and (iii) if an individual, is domiciled in the United Kingdom, or if not an individual, has a registered office or a branch in the United Kingdom; (c) appropriate co-operation arrangements are in place between the FCA, the competent authority in relation to any EEA AIF managed by the applicant and the supervisory authorities of the third country in which the applicant has its registered office, in order to ensure an efficient exchange of information that enables the FCA to carry out its duties in accordance with the Financial Services and Markets Act 2000, these Regulations, and any EU tertiary legislation made under the directive which forms part of EU retained law; (d) the third country in which the applicant has its registered office is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force; (e) the third country in which the applicant has its registered office has signed an agreement with the United Kingdom, which fully complies with the standards laid down in Article 26 of the Organisation for Economic Co-operation and Development's Model Tax Convention on Income and on Capital and ensures an effective exchange of information on tax matters, including any multilateral tax agreements; and (f) the effective exercise by the FCA of its supervisory functions under the Financial Services and Markets Act 2000, these Regulations and any EU tertiary legislation made under the directive which forms part of EU retained law is not prevented by the laws, regulations or administrative provisions of a third country which apply to the applicant, nor by limitations in the supervisory and investigatory powers of that country's supervisory authorities. (4) Notwithstanding regulation 5(3)(b), the regulator may give the Part 4A permission to an applicant whose registered office is in a third country if the regulator is satisfied that— (a) it is impossible for the applicant to comply with an implementing provision applicable to a full-scope UK AIFM which has its registered office in a third country because of a mandatory provision in the law that applies to the applicant or a third country AIF that the applicant intends to market in the United Kingdom or in Gibraltar, (b) the law that applies to the applicant or the third country AIF provides for a rule that is equivalent to that implementing provision, has the same regulatory purpose as that provision and offers the same level of protection to the investors of the AIFs managed by the applicant or, as the case may be, the investors of that AIF, and (c) the applicant or, as the case may be, the AIF complies with that equivalent rule. (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) In the case of an applicant whose registered office is in a third country, the application is complete if, in addition to containing the information mentioned in regulation 5(8), it contains— (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (b) a list of any implementing provisions with which it is impossible for the applicant to comply because of a mandatory provision in the law that applies to the applicant or a third country AIF that the applicant intends to market in the United Kingdom or in Gibraltar, or confirmation that there are no such provisions; (c) if any provision is included in a list provided under sub-paragraph (b), written evidence that— (i) the law that applies to the applicant or the third country AIF provides for a rule that is equivalent to the provision; (ii) the equivalent provision has the same regulatory purpose as the provision included in the list provided under sub-paragraph (b); (iii) the equivalent provision offers the same level of protection to the investors of the AIFs managed by the applicant or, as the case may be, the investors of the third country AIF; and (iv) the applicant or, as the case may be, the third country AIF complies with that equivalent rule, such evidence being based on regulatory standards developed by the FCA; (d) if evidence is provided under sub-paragraph (c), a legal opinion in support of the evidence on the existence of the relevant mandatory provision, and a description of the regulatory purpose of and the nature of the investor protection pursued by the equivalent rule; (e) the name of the legal representative of the applicant and the place where the legal representative has its registered office or a branch (in the case of a legal person) or where he or she is domiciled (in the case of an individual).

(c) either— (i) in the case of an AIFM with its registered office in the United Kingdom, grounds do not exist which would permit or require a court to make a disqualification order within the meaning of section 1(1) of the Company Directors Disqualification Act 1986 against an individual responsible for the management or operation of the AIFM; or (ii) in the case of an AIFM with its registered office in a third country, such grounds would not exist if the AIFM were a company incorporated in the United Kingdom.

in relation to— (a) the depositary of a UK AIF managed by a full-scope UK AIFM or a Gibraltar AIFM; or (b) the depositary of a third country AIF managed by a full-scope UK AIFM if— (i) the depositary has its registered office or a branch in the United Kingdom; and (ii) the AIF is marketed otherwise than pursuant to regulations 57 or 59 of these Regulations.

A – AIFM B – AIF C – Condition
Full-scope UK AIFM with its registered office in the United Kingdom An AIF that is not a third country AIF or a third country feeder AIF The FCA has approved marketing of the AIF in accordance with regulation 54.
Full-scope UK AIFM with its registered office in the United Kingdom A third country AIF or a third country feeder AIF The FCA has approved marketing of the AIF in accordance with regulation 54; orthe AIFM has notified the FCA in accordance with regulation 57 and meets the conditions at regulation 57(4)(a) to (c), and the FCA has not suspended or revoked the AIFM's entitlement to market the AIF.
Full-scope UK AIFM with its registered office in a third country Any AIF The FCA has approved marketing of the AIF in accordance with regulation 54; orthe AIFM has notified the FCA in accordance with regulation 59 and meets the conditions at regulation 59(2)(a) to (e), and the FCA has not suspended or revoked the AIFM's entitlement to market the AIF.
Full-scope Gibraltar AIFM with its registered office in Gibraltar A third country AIF or a third country feeder AIF The marketing is permitted under regulation 49; orthe AIFM has notified the FCA in accordance with regulation 57 and meets the conditions at regulation 57(4)(a) to (c), and the FCA has not suspended or revoked the AIFM's entitlement to market the AIF.
Full-scope Gibraltar AIFM with its registered office in a third country Any AIF The marketing is permitted under regulation 49; orthe AIFM has notified the FCA in accordance with regulation 59 and meets the conditions at regulation 59(2)(a) to (e), and the FCA has not suspended or revoked the AIFM's entitlement to market the AIF.
Small third country AIFM that is not a full-scope UK AIFM or a Gibraltar AIFM Any AIF The AIFM is a small registered UK AIFM or a small authorised UK AIFM; orthe AIFM has notified the FCA in accordance with regulation 58 and meets the conditions at regulation 58(2)(a) and (b), and the FCA has not suspended or revoked the AIFM's entitlement to market the AIF.
Third country AIFM that is not a small AIFM, a full-scope UK AIFM or a Gibraltar AIFM Any AIF The AIFM has notified the FCA in accordance with regulation 59 and meets the conditions at regulation 59(2)(a) to (e), and the FCA has not suspended or revoked the AIFM's entitlement to market the AIF.

(1) This regulation applies to— (a) a full-scope UK AIFM seeking to market in the United Kingdom an AIF managed by the AIFM; (b) a full-scope Gibraltar AIFM seeking to market in the United Kingdom to retail investors an AIF managed by the AIFM, where the FCA has not received a regulator's notice in relation to the marketing of the AIF in accordance with Schedule 3 to the Act (EEA passport rights).

, and

(9) The FCA must refuse an application if satisfied that the AIF is a third country AIF or a third-country feeder AIF and the following conditions are not met— (a) appropriate co-operation arrangements are in place between the FCA (or, in the case of an AIF managed by an AIFM with its registered office in Gibraltar, the Financial Services Commission) and the supervisory authorities of the relevant third country in order to ensure an efficient exchange of information that allows— (i) the FCA to carry out its duties in accordance with the Financial Services and Markets Act 2000, these Regulations, and any EU tertiary legislation made under the directive which forms part of EU retained law, and (ii) the Financial Services Commission to carry out its duties in accordance with the Financial Services (Alternative Investment Fund Managers) Regulations 2013 of Gibraltar; (b) the relevant third country is not listed as a Non-Cooperative Country and Territory by the Financial Action Task Force; and (c) the relevant third country has signed an agreement with the United Kingdom (or, in the case of an AIF managed by an AIFM with is registered office in Gibraltar, with Gibraltar) and with each EEA State in which the units or shares of the AIF are intended to be marketed, which fully complies with the standards laid down in Article 26 of the Organisation for Economic Co-operation and Development's Model Tax Convention on Income and on Capital 2010 and ensures an effective exchange of information on tax matters, including any multilateral tax agreements. (10) In paragraph (9) “relevant third country” means— (a) in relation to a third country AIF, the country in which the AIF is authorised or registered or, if the relevant AIF is not authorised or registered, the country in which it has its registered office; (b) in relation to a third country feeder AIF, the country in which the AIF's master AIF is authorised or registered or, if the master AIF is not authorised or registered, the country in which it has its registered office.

(5) Paragraph (6) applies where a full-scope UK AIFM that has its registered office in a third country markets an AIF only— (a) pursuant to a notification under this regulation ... (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) The AIFM need not comply with implementing provisions in respect of the AIF other than as required by this Part.

SCHEDULE 2 — Amendments to legislation that come into force on termination of Articles 36 and 42 of the directive

PART 1 — Amendments to legislation

Amendment to the Act

1

In section 418(5B) of the Act (carrying on regulated activities in the United Kingdom) , omit paragraph (c).

Amendment to the Regulated Activities Order

2

In Schedule 8 to the Regulated Activities Order (persons excluded from regulated activity of managing an AIF), omit paragraph 11 .

Amendments to the principal regulations

3

(b) the depositary of a third country AIF managed by a full-scope UK AIFM, if the depositary has its registered office or a branch in the United Kingdom.

(34) In this Part, a reference to an AIFM is to a full-scope UK AIFM.

(50) A full-scope UK AIFM may not market an AIF in the United Kingdom unless the FCA has approved the marketing in accordance with regulation 54.

(56) Regulations 56A to 56C apply where the FCA has approved marketing by a full-scope Gibraltar AIFM under regulation 54. (56A) (1) The FCA may revoke the AIFM's approval to market an AIF if it appears to the FCA that— (a) the AIFM has contravened an implementing provision; (b) the AIFM has, in purported compliance with an implementing provision, knowingly or recklessly given the FCA information which is false or misleading in a material particular; (c) the AIF has been wound up; or (d) none of sub-paragraphs (a) to (c) applies, but it is undesirable in the interests of investors or potential investors that the AIF should continue to be marketed. (2) If the FCA proposes to revoke an AIFM's approval to market an AIF it must give a warning notice to the AIFM. (3) If the FCA decides to revoke an AIFM's approval to market an AIF under paragraph (1)— (a) it must give a decision notice to the AIFM; and (b) the AIFM may refer the matter to the Tribunal. (56B) (1) If one of the grounds in paragraph (2) is met, the FCA may suspend an AIFM's approval to market an AIF for a specified period, until the occurrence of a specified event or until specified conditions are complied with. (2) The grounds are that it appears to the FCA that— (a) the AIFM has, in purported compliance with an implementing provision, knowingly or recklessly given the FCA information which is false or misleading in a material particular; (b) sub-paragraph (a) does not apply, but it is undesirable in the interests of investors or potential investors that the AIF should continue to be marketed. (3) In this regulation “specified” means specified by the FCA in a notice given under regulation 56C. (56C) (1) A suspension under regulation 56B takes effect— (a) immediately, if the notice given under paragraph (3) states that that is the case; (b) on such date as may be specified in the notice; or (c) if no date is specified in the notice, when the matter to which the notice relates is no longer open to review. (2) A suspension may be expressed to take effect immediately (or on a specified date) only if the FCA, having regard to the ground on which it is suspending the AIFM's approval to market, considers that it is necessary for the suspension to take effect immediately (or on that date). (3) If the FCA proposes to suspend an AIFM's approval to market an AIF, or suspends such approval with immediate effect— (a) it must give written notice to the AIFM; and (b) the AIFM may refer the matter to the Tribunal. (4) A notice under paragraph (3)(a) must— (a) give details of the suspension; (b) inform the person to whom it is given of when the suspension takes effect; (c) state the FCA's reasons for the suspension and for its determination as to when the suspension takes effect; (d) inform the person to whom it is given that it may make representations to the FCA within such period as may be specified in it (whether or not it has referred the matter to the Tribunal); and (e) inform the person to whom it is given of their right to refer the matter to the Tribunal. (5) The FCA may extend the period allowed under the notice for making representations. (6) Paragraph (7) applies if, having considered any representations made by a person to whom the notice was given, the FCA decides— (a) to make the suspension in the way proposed, (b) to make the suspension in a way other than that proposed, or (c) if it has been made, not to revoke the suspension. (7) If this paragraph applies— (a) the FCA must give written notice to the AIFM; and (b) the AIFM may refer the matter to the Tribunal. (8) If, having considered any representations made by a person to whom the notice was given, the FCA decides— (a) not to suspend the approval to market in the way proposed, or (b) to revoke a suspension, it must give written notice to the AIFM. (9) For the purposes of paragraph (1)(c), section 391(8) of the Act (publication) applies as if a notice under paragraph (3)(a), (7)(a) or (8) were a supervisory notice.

PART 2 — Transitional provisions relating to marketing by third country AIFMs

4

5

6

Any expression used in this Part that is used in the principal regulations has the same meaning as in the principal regulations.

Signed

Desmond Swayne — Robert Goodwill — Two of the Lords Commissioners of Her Majesty's Treasury — 2013-07-17

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: S.I. 2012/1759

[^f00002]: 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)

[^f00003]: 2000 c. 8. Section 417(1) provides that “prescribed” means prescribed in regulations made by the Treasury. Paragraph 13(1)(b) of Schedule 3 was amended by S.I. 2007/126 and paragraph 22 of Schedule 3 was amended by the Financial Services Act 2012 (c. 21)

[^f00004]: OJ L 174, 1.7.2011, p.1

[^f00005]: S.I. 2013/1773.

[^f00006]: S.I. 2001/544

[^f00007]: S.I. 2001/2511. Regulations 2(6) and 17A inserted by the principal regulations

[^f00008]: Inserted by section 24 of the Financial Services Act 2012 (c. 21)

[^f00009]: Section 55V was inserted by section 11 of the Financial Services Act 2012 (c.21) and amended by the principal regulations

[^f00010]: Inserted by S.I. 2007/126, substituted by S.I. 2011/1613 and amended by paragraph 35 of Schedule 4 to the Financial Services Act 2012, S.I. 2012/916 and the principal regulations

[^f00011]: Amended by S.I. 2002/1775 and S.I. 2012/1906

[^f00012]: Inserted by the principal regulations

[^f00013]: Inserted by S.I. 2003/1473 and amended by the principal regulations

[^f00014]: Inserted by S.I. 2003/1473 and amended by the principal regulations

[^f00015]: Inserted by the principal regulations

[^f00016]: Inserted by the principal regulations

[^f00017]: Inserted by the principal regulations

[^f00018]: Inserted by the principal regulations

[^f00019]: ISBN 978-92-64-17517-4

[^f00020]: Paragraph 2B was substituted by S.I. 2013/555 and sub-paragraph (7) was inserted by the principal regulations

[^f00021]: 1986 c. 46. Section 1(1) was amended by section 204(1) and (3) of the Enterprise Act 2002 (c. 40) and section 5(1) of the Insolvency Act 2000 (c. 39)

[^f00022]: ISBN 978-92-64-17517-4

[^f00023]: Inserted by paragraph 1 of Schedule 1 to these Regulations

[^f00024]: Inserted by paragraph 1(17) of Schedule 2 to the principal regulations and amended by regulation 81 of the principal regulations

[^f00025]: Amended by paragraph 2 of Schedule 1 to these Regulations

[^f00026]: The relevant paragraph of Article 37.11 of the directive is implemented by rule FUND 12.3.8R in Annex B to the Alternative Investment Fund Managers Directive (No.2) Instrument 2013, made by the Financial Conduct Authority, which can be found at http://media.fshandbook.info/Legislation/2013/FCA_2013_54.pdf.

[^f00027]: The relevant paragraph of Article 37.11 of the directive is implemented as mentioned in footnote (a) above.

Editorial notes

[^c21863971]: S.I. 2012/1759

[^c21863981]: 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)

[^c21863991]: 2000 c. 8. Section 417(1) provides that “prescribed” means prescribed in regulations made by the Treasury. Paragraph 13(1)(b) of Schedule 3 was amended by S.I. 2007/126 and paragraph 22 of Schedule 3 was amended by the Financial Services Act 2012 (c. 21)

[^c21864001]: OJ L 174, 1.7.2011, p.1

[^c21864011]: S.I. 2013/1773.

[^c21864021]: S.I. 2001/544

[^c21864031]: S.I. 2001/2511. Regulations 2(6) and 17A inserted by the principal regulations

[^c21864051]: Section 55V was inserted by section 11 of the Financial Services Act 2012 (c.21) and amended by the principal regulations

[^c21864071]: Amended by S.I. 2002/1775 and S.I. 2012/1906

[^c21864081]: Inserted by the principal regulations

[^c21864091]: Inserted by S.I. 2003/1473 and amended by the principal regulations

[^c21864101]: Inserted by S.I. 2003/1473 and amended by the principal regulations

[^c21864111]: Inserted by the principal regulations

[^c21864121]: Inserted by the principal regulations

[^c21864131]: Inserted by the principal regulations

[^c21864141]: Inserted by the principal regulations

[^c21864151]: ISBN 978-92-64-17517-4

[^c21864161]: Paragraph 2B was substituted by S.I. 2013/555 and sub-paragraph (7) was inserted by the principal regulations

[^c21864171]: 1986 c. 46. Section 1(1) was amended by section 204(1) and (3) of the Enterprise Act 2002 (c. 40) and section 5(1) of the Insolvency Act 2000 (c. 39)

[^c21864181]: ISBN 978-92-64-17517-4

[^c21864191]: Inserted by paragraph 1 of Schedule 1 to these Regulations

[^c21864201]: Inserted by paragraph 1(17) of Schedule 2 to the principal regulations and amended by regulation 81 of the principal regulations

[^c21864211]: Amended by paragraph 2 of Schedule 1 to these Regulations

[^key-003abe6994f6e4a1879b5fe89d7a3e5f]: Words in Sch. 1 para. 2(12)(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(h)(ii)(aa) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-0399292c44fc2209a7d2b423df22d384]: Words in Sch. 1 para. 2(15)(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(i)(i) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-04b03406480787f905ccd017edfdd24e]: Words in Sch. 1 para. 2(8)(b)(ii) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(d)(ii) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-07cdf51515cc74cbef49aaaaeeb1079a]: Words in Sch. 1 para. 2(11) Table substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(f)(i) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-0857616c4b764751c16c8624b3590e6d]: Word in Sch. 1 para. 1(4)(b) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(2)(c)(iii)(bb) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-0a796eda1bc8cae6235d28d695b28328]: Sch. 1 para. 2(2)(c) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(a)(ii) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-0b9178004cd7c5b284eaffbbe6e4ccc9]: Words in Sch. 1 para. 2(5) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(b)(ii)(dd) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-0c5273e317c5391fba39a0a7dd9fb506]: Words in Sch. 1 para. 2(15)(b) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(i)(ii) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-0ecf35267f8728e35ee4a135d537b8af]: Sch. 1 para. 2(6) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(c) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-125c8108beda0eadf56dce75dff077af]: Words in Sch. 1 para. 2(5) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(b)(ii)(bb) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-13ad8110dbeea9dacdc3fa226929e10a]: Sch. 1 para. 2(2)(b) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(a)(ii) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-144fe734c9e8c625a46a6343481b3358]: 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)

[^key-1724c0822b419def96e0bbc647b06e22]: Words in Sch. 1 para. 2(5) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(b)(ii)(cc) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-1933a7bc34eb4012552436867b5d4924]: Words in Sch. 1 para. 2(11) Table substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(f)(ii) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-1dda44ce3aa9191731d6e23363703634]: Words in Sch. 1 para. 2(5) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(b)(v)(bb) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-1e92aaa3f637bc614e2f78b22e62848d]: Words in Sch. 1 para. 2(2)(e) inserted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(a)(iv)(aa) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-1f3a497ad9621ca906a21d392edb00d5]: Sch. 2 para. 4(1)(c)(i) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 21(3)(a) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-25a579aad49b3d9a9b2728174e76acba]: Words in Sch. 2 para. 3(7) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 21(2)(b)(ii) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-25b565647c0c69de656b3518b2f82270]: Words in Sch. 1 para. 2(2)(d) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(a)(iii)(aa) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-2f4e6e524621c181e3e3d8bca8e0b723]: Words in Sch. 1 para. 2(2)(f) substituted (31.12.2020) by S.I. 2019/328, reg. 20(3)(a)(v)(aa) (as substituted by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 13(b); 2020 c. 1, Sch. 5 para. 1(1))

[^key-2fe78adfb2bbc2147f2d52434b7d558c]: Words in Sch. 1 para. 1(4)(b) omitted (16.6.2014) by virtue of The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 5(b)(iii) (as amended by S.I. 2014/1313, arts. 1, 2(a))

[^key-32b74910373b04b407cf516cf3c72cd8]: Reg. 6(1) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 19(1) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-33c668827b3152be6b6d0b3345ae2146]: Words in Sch. 1 para. 2(5) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(b)(v)(cc) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-3ee590dea9821eb51c4e910c7bc49678]: Words in Sch. 1 para. 2(2)(d) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(a)(iii)(bb) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-4ac94417b1f4d80c8ae12869d0d8b680]: Words in Sch. 1 para. 2(2)(c) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(a)(v)(bb) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-51caf896f2a6e27d1f7cfcc981728fcc]: Words in reg. 3 heading substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 18(1) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-520f11edcaf815883a50e341f629adeb]: Words in Sch. 1 para. 1(4)(b) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(2)(c)(iv) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-606556c427a8e6f364f0ca212851fa7e]: Words in Sch. 1 para. 1(4)(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(2)(c)(ii)(bb) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-6178d710671dff93916dd549dbfa4bf0]: Words in Sch. 1 para. 2(8)(a) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(d)(i) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-6af4b96ef185e3993a40b2a716155081]: Words in reg. 6 heading substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 19(2) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-751a124d1581a97681903ada220c7ed0]: Words in Sch. 1 para. 2(12)(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(h)(i)(bb) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-77c3458bb6e3c4fc0ab5ec6cc2102f51]: Words in Sch. 1 para. 2(11) Table substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(f)(iv) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-78362bb20f25fad7fc87294db230fd2a]: Sch. 1 para. 1(4)(c) substituted (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 5(c) (as amended by S.I. 2014/1313, arts. 1, 2(a))

[^key-7a764a27f8aeb09a8a3590e676f13c7c]: Reg. 1(3) substituted for reg. 1(3)(4) (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 17(a) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-82b5d9a93d146d43bfbbea6959398843]: Words in Sch. 1 para. 2(12)(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(h)(i)(aa) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-8783c383ca09f57d8717f7a937b4982c]: Sch. 2 para. 4(1)(c)(ii) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 21(3)(b) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-891ab76f934d0ade7e93a7125f51224b]: Words in Sch. 1 para. 2(5) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(b)(iii) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-8dd68a79911a024e0a6c6a83d2d29983]: Words in Sch. 1 para. 2(5) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(b)(v)(aa) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-9369ad42bd743d020df9828a4434a86d]: Words in Sch. 1 para. 1(4)(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(2)(c)(ii)(aa) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-9e5de28d8a9536e3ed6625ee490eae3d]: Words in Sch. 2 para. 3(2)(a) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 21(2)(a) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-9f4b14a10b65cdadd333d45c8af3bbeb]: Words in Sch. 1 para. 1(4)(b) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(2)(c)(i) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-a5ab17bfed2891f526aaef37d2eb8f23]: Word in Sch. 2 para. 3(7) substituted (31.12.2020) by The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 21(2)(b)(i) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-ac73c5e2f21973cb62cedb1268fbf8e1]: Sch. 1 para. 1(3) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(2)(a) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

[^key-acd30400623b7966e22c28b47c90df0f]: Words in Sch. 1 para. 2(5) omitted (31.12.2020) by virtue of The Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328), regs. 1(3), 20(3)(b)(i) (as amended by S.I. 2019/325, reg. 58); 2020 c. 1, Sch. 5 para. 1(1)

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