(1) This regulation applies to an AIFM in so far as immediately before 22nd July 2013 it manages an AIF -

(a) that is closed-ended;

(b) for which the subscription period for investors closed before 22nd July 2011; and

(c) that is constituted for a period that expires before 22nd July 2016.

(2) Notwithstanding regulation 72(3), the AIFM need not apply for -

(a) permission under Part 4A of the Act to manage that AIF; or

(b) registration as a small registered UK AIFM in respect of that AIF.

(2A) If the AIFM is given a variation of its Part 4A permission to add the regulated activity of managing an AIF, article 72AA of the Regulated Activities Order (managers of UCITS and AIFs) [Article 72AA of the Regulated Activities Order was inserted by S.I. 2013/1773.] does not apply in respect of the AIFM's management of the AIF referred to in paragraph (1).