(This note is not part of the Regulations)

These Regulations implement those provisions of Directive 2011/61/EU of the European Parliament and of the Council on Alternative Investment Fund Managers ("the Directive") that must be transposed by 22nd July 2013 but do not come into effect until a date to be specified by the European Commission in a delegated act ("third country provisions"). The Financial Conduct Authority ("FCA") is responsible for the implementation of other elements of the third country provisions. The parts of the Directive that come into effect on 22nd July 2013 are implemented by the Alternative Investment Fund Managers Regulations 2013 ("the principal regulations"). A transposition note setting out how the Directive will be transposed into United Kingdom law is available on HM Treasury's website (www.hm-treasury.gov.uk).