The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019

JurisdictionUK Non-devolved
CitationSI 2019/336
(1) These Regulations may be cited as the Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019.(2) This Part and Part 2 come into force on the day after the day on which these Regulations are made.(3) Part 3 comes into force on exit day.(1) The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (2) In the Schedule, in Part 1 (EU Regulations for which the FCA is the appropriate regulator) , after item 6 insert—
  • (6A) European Long-Term Investment Funds RegulationCommission Delegated Regulation (EU) 2018/480 of 4 December 2017 supplementing Regulation (EU) 2015/760 of the European Parliament and of the Council with regard to regulatory technical standards on financial derivative instruments solely serving hedging purposes, sufficient length of the life of the European long-term investment funds, assessment criteria for the market for potential buyers and valuation of the assets to be divested, and the types and characteristics of the facilities available to retail investors .
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Commission Delegated Regulation (EU) 2018/480 of 4 December 2017 supplementing Regulation (EU) 2015/760 of the European Parliament and of the Council with regard to regulatory technical standards on financial derivative instruments solely serving hedging purposes, sufficient length of the life of the European long-term investment funds, assessment criteria for the market for potential buyers and valuation of the assets to be divested, and the types and characteristics of the facilities available to retail investors .
  • Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds is amended as follows.
  • (1) Article 1 (subject matter and objective) is amended as follows.(2) For paragraph 1 substitute—
      (1) This Regulation lays down rules on the authorisation, investment policies and operating conditions of UK alternative investment funds (UK AIFs) or compartments of UK AIFs that are marketed in the United Kingdom as long-term investment funds (LTIFs) .
    .
    This Regulation lays down rules on the authorisation, investment policies and operating conditions of UK alternative investment funds (UK AIFs) or compartments of UK AIFs that are marketed in the United Kingdom as long-term investment funds (LTIFs) .after “European” insert “ and UK ”;omit “Union”.(4) Omit paragraph 3.(1) Article 2 (definitions) is amended as follows.(2) In point (2) , for the words from “considered” to the end substitute “ a professional client as defined in point (8) of Article 2(1) of the markets in financial instruments regulation ”.(3) In point (6) , omit “Union”.in points (a) , (b) , (c) , (d) , (e) , (f) and (g) , at the end insert “ , as it forms part of EU law and as modified by EU law from time to time ”;after point (b) insert—
    • (ba) an investment firm as defined in Article 2(1A) of the markets in financial instruments regulation;
    ;
    an investment firm as defined in Article 2(1A) of the markets in financial instruments regulation;after point (c) insert—
    • (ca) an insurance undertaking as defined in section 417(1) of FSMA;
    ;
    an insurance undertaking as defined in section 417(1) of FSMA;after point (d) insert—
    • (da) a financial holding company as defined in point (20) of Article 4(1) of Regulation (EU) No 575/2013, as it forms part of the law of the United Kingdom and as modified by domestic law from time to time;
    ;
    a financial holding company as defined in point (20) of Article 4(1) of Regulation (EU) No 575/2013, as it forms part of the law of the United Kingdom and as modified by domestic law from time to time;after point (e) insert—
    • (ea) a mixed activity holding company as defined in point (22) of Article 4(1) of Regulation (EU) No 575/2013, as it forms part of the law of the United Kingdom and as modified by domestic law from time to time;
    ;
    a mixed activity holding company as defined in point (22) of Article 4(1) of Regulation (EU) No 575/2013, as it forms part of the law of the United Kingdom and as modified by domestic law from time to time;after point (f) insert—
    • (fa) a management company as defined in section 237(2) of FSMA;
    ;
    a management company as defined in section 237(2) of FSMA;after point (g) insert—
    • (ga) an AIFM as defined in regulation 4(1) of the AIFM Regulations.
    .
    an AIFM as defined in regulation 4(1) of the AIFM Regulations.(5) After point (7) insert—
    • (7A) ‘UK AIF’ has the meaning given in regulation 2(1) of the AIFM Regulations;
    • (7B) ‘UK AIFM’ has the meaning given in regulation 2(1) of the AIFM Regulations;
    • (7C) ‘AIFM Regulations’ means the Alternative Investment Fund Managers Regulations 2013 , as amended from time to time;
    ‘UK AIF’ has the meaning given in regulation 2(1) of the AIFM Regulations;‘UK AIFM’ has the meaning given in regulation 2(1) of the AIFM Regulations;‘AIFM Regulations’ means the Alternative Investment Fund Managers Regulations 2013 is authorised as an LTIF under Article 6 of this Regulation; orimmediately before F12IP completion day was authorised by the FCA as an ELTIF under Article 6 of Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds , as that Regulation had effect immediately before F12IP completion day;is authorised as an ELTIF under Article 6 of Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds, as that Regulation has effect in EU law; orimmediately before F12IP completion day was authorised by a competent authority other than the FCA as an ELTIF under Article 6 of Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds, as that Regulation had effect immediately before F12IP completion day;(6) Omit points (9) to (11) .(7) In point (12) , for the definition of ‘manager of the ELTIF’, substitute—
      ‘manager of the LTIF’ means the UK AIFM approved by the FCA under Article 6 to manage the LTIF;
    .
    (8) Omit point (13) .(9) For point (16) substitute—
    • (16) ‘financial instrument’ has the meaning given in Article 2(1) of the markets in financial instruments regulation;
    .
    ‘financial instrument’ has the meaning given in Article 2(1) of the markets in financial instruments regulation;(10) For point (18) , substitute—
    • (18A) ‘UK regulated market’ has the meaning given in point (13A) of Article 2(1) of the markets in financial instruments regulation;
    • (18B) ‘EU regulated market’ has the meaning given in point (13B) of Article 2(1) of that Regulation;
    .
    ‘UK regulated market’ has the meaning given in point (13A) of Article 2(1) of the markets in financial instruments regulation;‘EU regulated market’ has the meaning given in point (13B) of Article 2(1) of that Regulation;(11) For point (19) , substitute—
    • (19A) ‘UK multilateral trading facility’ has the meaning given in point (14A) of Article 2(1) of the markets in financial instruments regulation;
    • (19B) ‘EU multilateral trading facility’ has the meaning given in point (14B) of Article 2(1) of the markets in financial instruments regulation;
    .
    ‘UK multilateral trading facility’ has the meaning given in point (14A) of Article 2(1) of the markets in financial instruments regulation;‘EU multilateral trading facility’ has the meaning given in point (14B) of Article 2(1) of the markets in financial instruments regulation;(12) At the end insert—
    • (20) ‘the FCA’ means the Financial Conduct Authority;
    • (21) ‘FSMA’ means the Financial Services and Markets Act 2000 ;
    ‘the FCA’ means the Financial Conduct Authority;‘FSMA’ means the Financial Services and Markets Act 2000 ‘the markets in financial instruments regulation’ means Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012, as amended from time to time;‘European Venture Capital Fund (EuVECA) ’ means a European venture capital fund registered under Article 14a of Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds , as that Regulation has effect in EU law;‘Registered Venture Capital Fund (RVECA) ’ means a venture capital fund which is registered by the FCA in accordance with Article 14a of Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds, as amended from time to time;‘European Social Entrepreneurship Fund (EuSEF) ’ means a European social entrepreneurship fund registered under Article 15a of Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds , as that Regulation has effect in EU law;‘Social Entrepreneurship Fund (SEF) ’ means a social entrepreneurship fund which is registered by the FCA in accordance with Article 15a of Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013

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