(1) The Alternative Investment Fund Managers Regulations 2013 [S.I. 2013/1773.] are modified as follows.

(2) In respect of a manager to whom regulation 8 applies -

(a) regulation 10(4) (small registered UK AIFMs) has effect as if for sub-paragraph (c) there were substituted -

"(c) is treated as registered as a manager of a qualifying venture capital fund under Article 14 of the EuVECA Regulation, in accordance with regulation 8 of the European Venture Capital Funds (Amendment)(EU Exit) Regulations 2018.";

(b) Part 3 (small AIFMs) has effect as if regulations 11 to 13 were omitted.

(3) In respect of a fund to which regulation 9 applies, Part 3B (qualifying social entrepreneurship funds and qualifying venture capital funds) [Part 3B (regulations 23D to 23F) was inserted by S.I. 2018/134.] has effect as if regulations 23D and 23E were omitted.