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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
  Version 3 of 3    

Regulation 3 Meaning of "AIF"

(1) "AIF" means a collective investment undertaking, including investment compartments of such an undertaking, which -

(a) raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of these investors; and

(b) is not a UK UCITS;

(2) An AIF may be open-ended or closed-ended, and constituted in any legal form, including under a contract, by means of a trust or under statute.

(3) None of the following entities is an AIF -

(a) an institution for occupational retirement provision which falls within the scope of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision [OJ L 235, 23.9.2003, p.10.];

(aa) an occupational pension scheme, within the meaning of section 1(1) (categories of pension schemes) of the Pension Schemes Act 1993 [1993 c.48. Section 1(1) was amended by s.239 of the Pensions Act 2004 (c.35)

Comparing proposed amendment...