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: UK regulation of alternative investment fund managers—essentials. An alternative invest fund (AIF)

An appeal is not to be presumed, but must be given see: Lane v Esdaile. Leaving aside for a moment the question of leapfrog appeals, an appeal to the UK Supreme Court (UKSC) lies only from an order or judgment of the Court of Appeal in England and Wales in civil proceedings (section 40(2) of the Constitutional Reform Act 2005 (CRA 2005)), and then only with permission of the permission of the Court of Appeal or the UKSC (CRA 2005, s 40(6)). Pursuant to CRA 2005, s 45, the President of the UKSC possesses the power to make rules governing the practice and procedure to be followed in the UKSC. Practice Note: Supreme Court—permission to appeal—appeals pre-2 December 2024 [Archived] summarises the rules from the relevant Supreme Court Rules 2009 (SCR), SI 2009/1603 dealing with permission to appeal to the UKSC. SCR 10(2) provides that: ‘An application for permission to appeal

A person who had completed their first period of leave as a partner under the five-year route of Immigration Rules, Appendix FM, but whose application to extend their stay was refused, will be able to re-apply under the five-year route if that application is made within 14 days of the refusal (assuming the initial application was made in time) (Immigration Rules, Appendix FM, para E-LTRP.2.2 sub-para (b) and Immigration Rules, Part 1, para 39E sub-para (2)). This assumes all other requirements of the five-year route Rules are met. If the re-application is submitted later than that, they cannot be granted leave to remain

The job creation requirement must be satisfied by applicants making applications to extend their leave as Tier 1 (Entrepreneurs), or later applying for indefinite leave to remain (ILR) having spent the required period in the UK in that route. As the Q&A identifies, where a Tier 1 (Entrepreneur) has taken over or invested in an existing business or businesses, they must show a net increase in the employment provided by the business or businesses for settled workers by creating the equivalent of at least two new full time jobs (row 4, Table 5, Appendix A to the Immigration Rules). The rules at paragraph 50(g) and

This proposed application for leave to remain as a partner (spouse) will be decided with reference to the Immigration Rules, Appendix FM. Immigration Rules, Appendix FM, para E-LTRP.2.1–2.2 provides an exhaustive list of circumstances in which an applicant’s current immigration status, or lack thereof, will prohibit them from applying for leave in this category: ‘E-LTRP.2.1. The applicant must not be in the UK— (a) as a visitor; or (b) with valid leave granted for a period of six months or less, unless that leave is as a fiancé(e) or proposed civil partner, or was granted pending the outcome of family court or divorce proceedings E-LTRP.2.2. The applicant must not be in the UK— (a) on immigration bail, unless: (i) the Secretary of State is satisfied that the applicant arrived in the UK more than 6

This Q&A has assumed for the purpose of this query that the application was issued by the court on or after 6 April 2022. The Q&A has also not addressed the provisions of the Gender Recognition Act 2004 (GRA 2004), as in the absence of a gender recognition certificate GRA 2004 does not apply to the proceedings. It would appear that the rules governing the procedure in divorce proceedings, namely the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955, Pt 7, FPR 2010, PD 7A and FPR 2010, PD 36ZC are silent as to the correct procedure to follow where one of the parties to proceedings changes their name during the course of the proceedings. An application can be amended

Details of the specified evidence required when making an application under Appendix FM is contained at Appendix fm-SE. In particular, the required specified evidence to be provided when relying on bank statements which show cash savings to meet the minimum income requirement is set out at Immigration Rules, Appendix FM-SE, para 11: ‘11. In respect of cash savings the following must be provided: (a) personal bank statements showing that at least the level of cash savings

According to the Home Office Guidance Leave extended by section 3C (and leave extended by section 3D in transitional cases), a person will have section 3C (section 3C of the Immigration Act 1971 (IA 1971)) leave if: • they have limited leave to enter or remain in the UK • they apply to the Secretary of State for variation of that leave • the application for variation is made before the leave expires • the leave expires without the application for variation having been decided • the application for variation is neither decided nor withdrawn The guidance confirms that: ‘Section

Where an applicant makes a valid ‘in-time’ application to extend or vary their leave to remain in the UK, their leave will be extended until the application is decided or withdrawn, in line with section 3C of the Immigration Act 1971 (IA 1971). An ‘in-time’ application is an application made by a person in the UK who at the date of application has leave to enter or remain. IA 1971, s 3C does not extend leave where the application is made after the applicant’s current leave has expired. For further information on section 3C leave, see Practice Note: When does leave continue—making

The requirements as to the service of an application for a financial remedy on a mortgagee are set out in rule 9.13 of the Family Procedure Rules 2010 (FPR 2010), SI 2010/2955. FPR 2010, SI 2010/2955, 9.13(3) provides: ‘Where an application for a financial remedy includes an application relating to land, the applicant must serve a copy of the application on any mortgagee of whom particulars are given in the application.’ Where a mortgagee has been served with an application for a financial remedy, FPR 2010, SI 2010/2955, 9.13(4) states: ‘Any person served under paragraphs (1), (2) or (3) may make a request to the court in writing, within 14 days beginning with the date of service of the application, for a copy of the applicant's financial statement or any relevant part

A Tier 1 (Entrepreneur) migrant (the applicant) may apply for indefinite leave to remain subject to meeting the eligibility criteria listed in the Immigration Rules, Part 6A, para 245DF. The Home Office will continue to accept applications for indefinite leave to remain until: • 5 April 2025 for Tier 1 (Entrepreneur) migrants, and • 5 July 2027 for those switching from the Tier 1 (Graduate Entrepreneur) category For a summary of the eligibility requirements for indefinite leave to remain, see Practice Note: Tier 1 (Entrepreneur)—summary and resources. When making an application for leave to remain, an application must be ‘valid’. See Practice Note: Procedure for applying online in the UK. The requirements for a valid application are set out in the Immigration Rules, Part 1, para 34. Para 34(1) states: ‘(1)

The difference between divorce and judicial separation is that an application for the former involves the assertion that the marriage has irretrievably broken down. Where proceedings are issued on or after 6 April 2022, a statement in an application for divorce that the marriage has irretrievably broken down is to be treated as conclusive evidence of that fact as found in section 1(3) of the Matrimonial Clauses Act (MCA 1973). An answer cannot be filed disputing the irretrievable breakdown of the marriage (per the Family Procedure Rules 2010 (FPR 2010) at FPR 2010, PD 7A, para 10.1). In a sole application, a divorce may only be disputed (defended) in limited circumstances eg jurisdiction, the validity of the marriage or civil partnership, where it is alleged