UK Statutory Instrument
2013
United Kingdom
The Alternative Investment Fund Managers Regulations 2013
At a glance
Enforced by
What's here
10 compliance obligations
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Any Person 10
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Any Person also bound by 2338 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Schedules
Browse 100 other Schedules — structural / supplementary
In section 168(4) (appointment of persons to carry out investigations...
In section 193(1) (interpretation of Part 13) , in the...
In section 194 (general grounds on which power of intervention...
In section 195A (contravention by relevant EEA firm or EEA...
In section 199 (additional procedure for EEA firms in certain...
In section 204A(2) (meaning of “relevant requirement”) —
In section 237(3) (other definitions) in the definition of “a...
In section 261D(8) (authorisation orders for contractual schemes) for “permission...
Omit sections 270 and 271 and the preceding cross-heading (schemes...
In section 272 (individually recognised overseas schemes) , in subsection...
In section 1A(6) (the Financial Conduct Authority) , after paragraph...
In section 277 (alteration of schemes and changes of operator,...
After section 277 insert— Regular provision of information relating to...
Omit the cross-heading “Schemes recognised under sections 270 and 272”...
In section 278 (rules as to scheme particulars) omit “270...
In section 279 (revocation of recognition)— (a) in the opening...
In section 280 (procedure)— (a) in subsection (1) for “give...
In section 281 (directions)— (a) in subsection (1) omit “270...
In section 380(6)(a) (injunctions) — (a) omit “or” after sub-paragraph...
In section 382(9)(a) (restitution orders) — (a) omit “or” after...
In section 384(7) (power of FCA or PRA to require...
In section 1L(2) (supervision, monitoring and enforcement), after paragraph (a)...
In section 398 (misleading the FCA or PRA: residual cases)...
In section 417(1) (definitions) in the appropriate places insert— “...
In section 425 (expressions relating to authorisation elsewhere in the...
In Schedule 1ZA (the Financial Conduct Authority), in paragraph 23(2)(a)...
(1) Schedule 3 ( EEA passport rights) is amended as...
In paragraph 2(2) of Schedule 5 (permission for open-ended investment...
In paragraph 2B of Schedule 6 (threshold conditions) —
Charities Act (Northern Ireland) 1964
Fair Trading Act 1973
Companies Act 1989
In section 55H (refusal by FCA to vary permission at...
Value Added Tax Act 1994
Terrorism Act 2000
Companies Act 2006
Charities Act (Northern Ireland) 2008
Charities Act 2011
(1) A collective investment scheme which immediately before 22nd July...
In section 55J (variation or cancellation on initiative of regulator)—...
In section 55V (determination of applications) after subsection (7) insert—...
In section 59 (approval for particular arrangements) after subsection (7B)...
In section 66(2)(b) (disciplinary powers) after sub-paragraph (i) omit “or”...
In section 165 (regulators' power to require information: authorised persons...
Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
Open-Ended Investment Companies Regulations 2001
Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001
Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
Financial Services and Markets Act 2000 (Consultation with Competent Authorities) Regulations 2001
Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001
Uncertificated Securities Regulations 2001
Financial Services and Markets Act 2000 (Collective Investment Schemes) (Designated Countries and Territories) Order 2003
Financial Conglomerates and Other Financial Groups Regulations 2004
Child Trust Funds Regulations 2004
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975
Offshore Funds (Tax) Regulations 2009
Financial Services and Markets Act 2000 (Short Selling) Regulations 2012
Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013
Financial Services Act 2012 (Misleading Statements and Impressions) Order 2013
CRC Energy Efficiency Scheme Order 2013
Companies (No. 2) (Northern Ireland) Order 1990
Individual Savings Account Regulations 1998
Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001
Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001
Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001
Financial Services and Markets Act 2000 (Exemption) Order 2001
Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001
The purposes set out in paragraphs 2 to 25 are...
To specify— (a) the criteria concerning the procedures for the...
To specify— (a) the conditions for fulfilling the following requirements—...
To specify— (a) the particulars that need to be included...
To state, on the basis of the criteria specified under...
To specify the content and format of the AIFM's annual...
(1) To specify the obligations of AIFMs periodically to disclose...
To specify— (a) when leverage is to be considered to...
To set out principles specifying the circumstances in which the...
(1) To specify— (a) the form and content of a...
To make further provision in relation to the co-operation arrangements—...
(1) To specify how the thresholds referred to in regulation...
To determine the minimum content of the co-operation arrangements referred...
(1) To determine the minimum content of the co-operation arrangements...
To specify the procedures for coordination and exchange of information...
To make provision regarding the co-operation arrangements referred to—
To make provision for the procedures for the exchange of...
To establish common procedures for the FCA and the Prudential...
(1) The purpose set out in sub-paragraph (2) is specified...
The purposes set out in paragraphs 28 to 31 are...
To specify— (a) the information to be provided to the...
To determine types of AIFMs, where relevant in the application...
To specify— (a) the methods of leverage, including any financial...
To specify the— (a) requirements applicable to the AIFMs under...
To make provision for— (a) the manner in which a...
To specify— (a) the risks the additional own funds or...
To specify the criteria to be used by the FCA...
To specify— (a) the types of conflicts of interest referred...
To specify— (a) the risk management systems to be employed...
To specify— (a) the liquidity management systems to be employed...
To specify the administrative and accounting procedures, control and safeguard...
Notification of the acquisition or disposal of major holdings and control of non-listed companies
- Notify FCA and others of major holdings and control in non‑listed companies Any Person
Disclosure in case of acquisition of control
- Disclose control of a non-listed company Any Person
Additional disclosure when control is acquired of non-listed companies
- Disclose intentions and financing when acquiring control of a non-listed company Any Person
Annual report of AIFs exercising control of non-listed companies
- Disclose information on controlled non-listed companies in AIF annual report Any Person
Asset stripping
- Prevent asset stripping for 24 months after taking control Any Person
Marketing of AIFs by investment firms
- Investment firms must not market AIFs unless conditions met Any Person
Change to information provided with application
- Notify FCA of material changes to marketing application information Any Person
Marketing of third country AIFs managed by full-scope UK AIFMs
- Notify FCA before marketing certain third-country AIFs Any Person
Material change to information
- Notify FCA of material changes to previously notified information Any Person
Closed-ended AIFs whose subscription period has closed
- Exemption from full FCA permission for certain closed-ended AIFs Any Person
Browse 87 other sections — procedural / definitional / commencement
Citation and commencement
Interpretation
Meaning of “AIF”
Arrangements not constituting an AIF: qualifying stablecoin arrangements
Meaning of “AIFM”, “managing an AIF”, “external AIFM” and “internal AIFM”
Applications for Part 4A permission
Supplementary provisions about AIFMs
Changes in conditions relevant to authorisation
Notification to ESMA
Meaning of “small AIFM”
Small registered UK AIFMs
Applications for entry on register of small registered UK AIFMs
Determination of applications
Procedure when refusing an application
Notification of new funds under the EuSEF Regulation or the EuVECA Regulation
Small registered AIFMs ceasing to meet the requirements for registration
Applications for revocation of registration
Grounds for revocation of registration
Procedure on revocation
Grounds for suspension of registration
Procedure on suspension
Disclosure obligations of small registered UK AIFMs
Power to direct small registered UK AIFMs and SEF and RVECA Managers to take appropriate measures
Application of FCA rules to small authorised UK AIFMs
Manner of application for UK LTIF authorisation
Procedure in relation to the refusal of an application for UK LTIF authorisation
Procedure in relation to the revocation of UK LTIF authorisation otherwise than by consent
Manner of application for registration of a qualifying social entrepreneurship fund or qualifying venture capital fund
Procedure in relation to the refusal of an application for registration of a qualifying social entrepreneurship fund or qualifying venture capital fund
Procedure in relation to the revocation of registration of a qualifying social entrepreneurship fund or qualifying venture capital fund otherwise than by consent
Manner of application for MMF authorisation
Procedure in relation to the refusal of an application for MMF authorisation
Procedure in relation to the revocation of MMF authorisation otherwise than by consent
Valuation
Disqualification of external valuer
Approval for delegation of functions by full-scope UK AIFMs
Revocation of approval for delegation
Liability following delegation ...
Depositary liability: general provisions
Depositary liability for loss of financial instruments held in custody
Depositary liability for other losses
Depositary liability and third country custodians
Management of third country AIFs
Introductory provision
Ways of acquiring control or shares
Meaning of “control” and calculation of voting rights
Confidential information
Sensitive information
FCA powers in relation to this Part
References in this Part to an AIFM or an investment firm marketing an AIF
Application of the financial promotion and scheme promotion restrictions
Marketing at the initiative of the investor
Marketing under the designation 'SEF’ or ‘RVECA'
Marketing by full-scope Gibraltar AIFMs of certain AIFs
Marketing by AIFMs of other AIFs
Contravention by unauthorised person
Contravention by authorised person
FCA approval for marketing
Suspension or revocation of approval granted to a full-scope Gibraltar AIFM
Marketing of AIFs managed by small third country AIFMs
Marketing of AIFs managed by other third country AIFMs
Manner and content of notifications
Revocation of entitlement to market
Suspension of entitlement to market
Procedure on suspension
Designation as competent authority
Requirement to notify ESMA of information required from AIFMs
Use of information by FCA ...
Limits on leverage
Exchange of information relating to potential systemic consequences of AIFM activity
Transfer of the directive functions
Application of procedural provisions of the Act
Application of provisions of the Act to unauthorised AIFMs
AIFMs managing AIFs immediately before 22nd July 2013
AIFs subject to prospectus directive
Closed-ended AIFs that make no additional investments
Permission to act as trustee or depositary of an AIF
Depositaries of EEA AIFs until 22nd July 2017
Permission for existing managers, depositaries and trustees of UCITS
Temporary marketing permissions: AIFs etc
Deemed authorisation
Period during which regulation 78A(1) is to apply
FCA powers
Power to extend the period during which a fund may be marketed
Review
Amendments to primary legislation
Amendments to secondary legislation
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- Required permissions for asset management firms | FCA (opens in a new tab) from FCA Detailed Guidance
- AIFMD | FCA (opens in a new tab) from FCA Detailed Guidance
- AIFMD updates | FCA (opens in a new tab) from FCA Detailed Guidance
- Apply to be an authorised AIFM (opens in a new tab) from FCA Detailed Guidance
- Apply to be an authorised AIFM | FCA (opens in a new tab) from FCA Detailed Guidance
- Apply to be a registered AIFM (opens in a new tab) from FCA Detailed Guidance
- Apply to be a registered AIFM | FCA (opens in a new tab) from FCA Detailed Guidance
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Financial Conduct Authority
Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …
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Browse legislation
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Regulators
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