(1) "AIFM" means a legal person, the regular business of which is managing one or more AIFs.
(2) Managing an AIF means performing at least risk management or portfolio management for the AIF.
(3) The AIFM of an AIF may be either -
(a) another person appointed by or on behalf of the AIF and which through that appointment is responsible for managing the AIF ("external AIFM"); or
(b) where the legal form of the AIF permits internal management and where the AIF's governing body chooses not to appoint an external AIFM, the AIF itself ("internal AIFM").
(4) None of the following entities is an AIFM -
(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.], including, where applicable, the authorised entities responsible for managing such institutions and acting on
…