Regulation 3 of the Alternative Investment Fund Managers Regulations 2013
(S.I. 2013/1773) is amended as follows.
Explanatory notes to the Bill, prepared by Baroness Altmann, have been ordered to be published as HL Bill 10—EN.
A
bill
to
Amend the Alternative Investment Fund Managers Regulations 2013 to remove Listed Investment Companies from Alternative Investment Fund designation; to make related changes to other relevant legislation; and for connected purposes.
B e it enacted by the King’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Regulation 3 of the Alternative Investment Fund Managers Regulations 2013
(S.I. 2013/1773) is amended as follows.
In paragraph 2, after “closed-ended” insert “, subject to (3)(e)”.
“(e)closed-ended investment companies whose shares are admitted
to trading on any market or venue operated by a United
Kingdom recognised investment exchange.”
Commission Delegated Regulation (EU) 2017/565 (25 April 2016)
(organisational requirements, operating conditions and defined terms for
investment firms) is amended as follows.
“2A.For these purposes, investment firms are not required to aggregate
or include any costs and charges relating to any closed-ended
investment company whose shares are admitted to trading on any
market or venue operated by a United Kingdom recognised
investment exchange.”
Annex II (costs and charges), Table 2, Ongoing charges column 2, after
“instrument.” insert—
““Value” for the purposes of any closed-ended investment company
whose shares are admitted to trading on any market or venue operated
by a United Kingdom recognised investment exchange means the share
price.”
Annex II (costs and charges), Table 2, Ongoing charges column 3, after “costs.”
insert—
“Costs and charges of any closed-ended investment company whose
shares are admitted to trading on any market or venue operated by a
United Kingdom recognised investment exchange are not ongoing
charges.”
In Commission Delegated Regulation (EU) 2017/653 (8 March 2017) (packaged
retail and insurance-based investment products), Annex VI (Methodology for
the Calculation of Costs), at beginning insert—
“The costs of closed-ended investment companies whose shares are
admitted to trading on any market or venue operated by a United
Kingdom recognised investment exchange shall not be taken into account
by PRIIP manufacturers when applying the methodology for the
calculation of costs set out in this Annex.”
Commission Regulation (EU) 583/2010 (1 July 2010) (key investor information
and conditions) is amended as follows.
“3.For the purpose of the presentation of charges, costs and charges
relating to closed-ended investment companies whose shares are
admitted to trading on any market or venue operated by a United
Kingdom recognised investment exchange shall not be considered
to be entry or exit charges or charges taken from the UCITS.”
“2.For this purpose, costs and charges relating to closed-ended
investment companies whose shares are admitted to trading on any
market or venue operated by a United Kingdom recognised
investment exchange shall not be considered to be charges that the
UCITS itself will incur as an investor in the investment company.”
“— Costs and charges relating to closed-ended investment companies
whose shares are admitted to trading on any market or venue operated
by a United Kingdom recognised investment exchange shall not be
considered to be charges required to be presented in the table.”
This Act extends to England and Wales, Scotland and Northern Ireland.
This Act comes into force on the day on which it is passed.
This Act may be cited as the Alternative Investment Fund Designation Act
2024.
A
bill
to
Amend the Alternative Investment Fund Managers Regulations 2013 to remove Listed Investment Companies from Alternative Investment Fund designation; to make related changes to other relevant legislation; and for connected purposes.
Ordered to be Printed, .
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