1. This Regulation applies to managers of collective investment undertakings as defined in point (a) of Article 3(1) that meet the following conditions:

(a) their assets under management in total do not exceed the threshold referred to in sub-paragraph (a) of regulation 9(1) of the AIFM Regulations [S.I. 2013/1773, to which there are amendments not relevant to these Regulations.];

(b) they are established in the United Kingdom;

(c) they are subject to registration with the FCA in accordance with regulation 10 of the AIFM Regulations; and

(d) they manage portfolios of qualifying social entrepreneurship funds.