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Alternative Investment Fund Managers Regulations 2013 (AIFM Regulations) [SI 2013 No. 1773]Introductory TextPart 1 Introductory provisions (regs. 1-4)Regulation 1 Citation and commencementRegulation 2 InterpretationRegulation 3 Meaning of "AIF"Regulation 4 Meaning of "AIFM", "managing an AIF", "external AIFM" and "internal AIFM"Part 2 Authorisation of full-scope UK AIFMs (regs. 5-8)Regulation 5 Applications for Part 4A permissionRegulation 5A Applications by AIFMs from third countriesRegulation 6 Supplementary provisions about AIFMsRegulation 7 Changes in conditions relevant to authorisationRegulation 8 Notification to ESMAPart 3 Small AIFMs (regs. 9-23)Regulation 9 Meaning of "small AIFM"Regulation 10 Small registered UK AIFMsRegulation 11 Applications for entry on register of small registered UK AIFMsRegulation 12 Determination of applicationsRegulation 13 Procedure when refusing an applicationRegulation 14 Notification of new funds under the EuSEF Regulation or the EuVECA RegulationRegulation 15 Small registered AIFMs ceasing to meet the requirements for registrationRegulation 16 Applications for revocation of registrationRegulation 17 Grounds for revocation of registrationRegulation 18 Procedure on revocationRegulation 19 Grounds for suspension of registrationRegulation 20 Procedure on suspensionRegulation 21 Disclosure obligations of small registered UK AIFMsRegulation 22 Power to direct small registered UK AIFMs and SEF and RVECA Managers to take appropriate measuresRegulation 23 Application of FCA rules to small authorised UK AIFMsPart 3A LTIFs (regs. 23A-23C)Regulation 23A Manner of application for UK LTIF authorisationRegulation 23B Procedure in relation to the refusal of an application for UK LTIF authorisationRegulation 23C Procedure in relation to the revocation of UK LTIF authorisation otherwise than by consentPart 3B Qualifying social entrepreneurship funds and qualifying venture capital funds (regs. 23D-23F)Regulation 23D Manner of application for registration of a qualifying social entrepreneurship fund or qualifying venture capital fundRegulation 23E Procedure in relation to the refusal of an application for registration of a qualifying social entrepreneurship fund or qualifying venture capital fundRegulation 23F Procedure in relation to the revocation of registration of a qualifying social entrepreneurship fund or qualifying venture capital fund otherwise than by consentPart 3C MMFs (regs. 23G-23I)Regulation 23G Manner of application for MMF authorisationRegulation 23H Procedure in relation to the refusal of an application for MMF authorisationRegulation 23I Procedure in relation to the revocation of MMF authorisation otherwise than by consentPart 4 Operating conditions for external valuers, full-scope AIFMs and depositaries (regs. 24-33)Regulation 24 ValuationRegulation 25 Disqualification of external valuerRegulation 26 Approval for delegation of functions by full-scope UK AIFMsRegulation 27 Revocation of approval for delegationRegulation 28 Liability following delegationRegulation 29 Depositary liability: general provisionsRegulation 30 Depositary liability for loss of financial instruments held in custodyRegulation 31 Depositary liability for other lossesRegulation 32 Depositary liability and third country custodiansRegulation 33 Management of third country AIFsPart 5 AIFs which acquire control of non-listed companies and issuers (regs. 34-44)Regulation 34 Introductory provisionRegulation 35 Ways of acquiring control or sharesRegulation 36 Meaning of "control" and calculation of voting rightsRegulation 37 Confidential informationRegulation 38 Notification of the acquisition or disposal of major holdings and control of non-listed companiesRegulation 39 Disclosure in case of acquisition of controlRegulation 40 Additional disclosure when control is acquired of non-listed companiesRegulation 41 Sensitive informationRegulation 42 Annual report of AIFs exercising control of non-listed companiesRegulation 43 Asset strippingRegulation 44 FCA powers in relation to this PartPart 6 Marketing of AIFs (regs. 45-64)Chapter 1 General Provisions (regs. 45-53)Regulation 45 References in this Part to an AIFM or an investment firm marketing an AIFRegulation 46 Application of the financial promotion and scheme promotion restrictionsRegulation 47 Marketing at the initiative of the investorRegulation 48 Marketing under the designation 'SEF' or 'RVECA'Regulation 49 Marketing by full-scope Gibraltar AIFMs of certain AIFsRegulation 50 Marketing by AIFMs of other AIFsRegulation 51 Marketing of AIFs by investment firmsRegulation 52 Contravention by unauthorised personRegulation 53 Contravention by authorised personChapter 2 Marketing of AIFs by full-scope AIFMs (regs. 54-56C)Regulation 54 FCA approval for marketingRegulation 55 Change to information provided with applicationRegulation 56 Suspension or revocation of approval granted to a full-scope Gibraltar AIFMRegulation 56A Revocation of approval to marketRegulation 56B Suspension of approval to marketRegulation 56C Procedure on suspensionChapter 3 National Private Placement (regs. 57-64)Regulation 57 Marketing of third country AIFs managed by full-scope UK AIFMsRegulation 58 Marketing of AIFs managed by small third country AIFMsRegulation 59 Marketing of AIFs managed by other third country AIFMsRegulation 60 Manner and content of notificationsRegulation 61 Material change to informationRegulation 62 Revocation of entitlement to marketRegulation 63 Suspension of entitlement to marketRegulation 64 Procedure on suspensionPart 7 Duties and powers of the FCA (regs. 65-69)Regulation 65 Designation as competent authorityRegulation 66 Requirement to notify ESMA of information required from AIFMsRegulation 67 Use of information by FCARegulation 68 Limits on leverageRegulation 69 Exchange of information relating to potential systemic consequences of AIFM activityPart 7A Transfer of functions (reg. 69A)Regulation 69A Transfer of the directive functionsPart 8 Application of provisions of the Act (regs. 70-71)Regulation 70 Application of procedural provisions of the ActRegulation 71 Application of provisions of the Act to unauthorised AIFMsPart 9 Transitional Provisions (regs. 72-78)Regulation 72 AIFMs managing AIFs immediately before 22nd July 2013Regulation 73 AIFs subject to prospectus directiveRegulation 74 Closed-ended AIFs that make no additional investmentsRegulation 75 Closed-ended AIFs whose subscription period has closedRegulation 76 Permission to act as trustee or depositary of an AIFRegulation 77 Depositaries of EEA AIFs until 22nd July 2017Regulation 78 Permission for existing managers, depositaries and trustees of UCITSPart 9A Temporary Marketing Provisions (regs. 78A-78E)Regulation 78A Temporary marketing permissions: AIFs etcRegulation 78B Deemed authorisationRegulation 78C Period during which regulation 78A(1) is to applyRegulation 78D FCA powersRegulation 78E Power to extend the period during which a fund may be marketedPart 10 Final provisions (regs. 79-81)Regulation 79 ReviewRegulation 80 Amendments to primary legislationRegulation 81 Amendments to secondary legislationSchedule 1 Amendments to Primary LegislationSchedule 1, Part 1 Amendments to the Financial Services and Markets Act 2000 (paras. 1-36)Schedule 1, Part 2 Amendments to other primary legislation (paras. 37-44)Schedule 1, Part 3 Transitional provisions in respect of recognised overseas schemes (para. 45)Schedule A1 Transfer of Functions to the Treasury and the FCASchedule A1, Part 1 Directive functions transferred to the Treasury (paras. 1-25)Schedule A1, Part 2 Directive functions transferred to the FCA (para. 26)Schedule A1, Part 3 Powers to make technical standards transferred to the FCA (paras. 27-31)Schedule 2 Amendments to Secondary LegislationSchedule 2, Part 1 Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (para. 1)Schedule 2, Part 2 Amendments to other secondary legislation (paras. 2-24)SignatureExplanatory NoteExplanatory MemorandumImpact AssessmentTransposition table for UK implementation of the AIFMD
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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 10 Small registered UK AIFMs

<p>Amendments (requiring commencement) by <a href="[docid:139816]">Sch. 1</a> to the Alternative Investment Fund Managers (Amendment) Regulations 2013 [SI 2013 No. 1797], published 17 July 2023.</p>

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(1) The FCA must keep a register of small registered UK AIFMs, and must enter an AIFM on the register if the conditions in paragraph (2), (3) or (4) are met.

(2) The conditions in this paragraph are that -

(a) the AIFM is -

(i) a UK AIFM;

(ii) a small AIFM;

(iii) the internal AIFM of an AIF that is a body corporate and is not a collective investment scheme; and

(iv) not an external AIFM;

(b) none of the individuals responsible for the management or operation of the AIFM -

(i) has been convicted of any offence involving fraud or dishonesty, or any indictable offence, and for this purpose "offence" includes any act or omission which would have been an offence if it had taken place in the United Kingdom; or

(ii) is subject to a prohibition order; and

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