Q&As

Where an alternative fund manager falls within regulation 10(2) of the Alternative Investment Fund Managers Regulations 2013 as an internally managed closed ended company, are there any restrictions on what the fund can invest in?

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Produced in partnership with Lynne Counsell of 9 Stone Buildings
Published on LexisPSL on 08/01/2018

The following Financial Services Q&A produced in partnership with Lynne Counsell of 9 Stone Buildings provides comprehensive and up to date legal information covering:

  • Where an alternative fund manager falls within regulation 10(2) of the Alternative Investment Fund Managers Regulations 2013 as an internally managed closed ended company, are there any restrictions on what the fund can invest in?
  • Fund investment by a small registered UK Alternative Investment Fund Manager
  • The Issue
  • The Regulations
  • Small registered UK AIFMs
  • Summary

Fund investment by a small registered UK Alternative Investment Fund Manager

The Issue

In answering this Q&A, we have considered the position of a fund manager of an internally managed closed ended company under the Alternative Investment Fund Managers Regulations 2013 (AIFM Regulations 2013), SI 2013/1773. The issue is whether there are any restrictions on what the fund can invest in.

The Regulations

The AIFM Regulations 2013 came into force on 22 July 2013 and implement the majority of provisions of the Alternative Investment Fund Managers Directive (AIFMD) (Directive 2011/61/EU). The aims of the AIFMD are to enhance supervisory practices among European Economic Area (EEA) competent authorities, to improve investor protection and to foster efficiency and cross-border competition in the EEA: see Financial Conduct Authority (‘FCA’)—AIFMD (June 2016) and Practice Note: AIFMD—essentials.

An alternative invest fund (AIF) is a collective investment undertaking that is not subject to the undertakings for collective investment in transferable securities (UCITs) regime and includes hedge funds, private equity funds, retail in

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