The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019
Jurisdiction | UK Non-devolved |
Citation | SI 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—
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—“ 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—
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(6A)
European Long-Term Investment Funds Regulation 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 .
- (ba) an investment firm as defined in Article 2(1A) of the markets in financial instruments regulation;
- (ca) an insurance undertaking as defined in section 417(1) of FSMA;
- (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;
- (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;
- (fa) a management company as defined in section 237(2) of FSMA;
- (ga) an AIFM as defined in regulation 4(1) of the AIFM Regulations.
- (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;
- ‘manager of the LTIF’ means the UK AIFM approved by the FCA under Article 6 to manage the LTIF;
- (16) ‘financial instrument’ has the meaning given in Article 2(1) of the markets in financial instruments regulation;
- (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;
- (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;
- (20) ‘the FCA’ means the Financial Conduct Authority;
- (21) ‘FSMA’ means the Financial Services and Markets Act 2000 ;
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