investment funds, as that Regulation had effect immediately before exit day; or
b
has been authorised by the FCA in accordance with this Regulation.
.
3
In paragraph 1, for the words from "where" to the end substitute -
in the United Kingdom where the collective investment undertaking -
a
is an ELTIF as defined in Article 2(7E); or
b
immediately before exit day, was authorised by the FCA in accordance with Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds , as that Regulation had effect immediately before exit day.
.
4
In paragraph 2, for "ELTIFs" substitute "LTIFs".
Application for authorisation as an LTIF
8
1
Article 5 (the heading to which becomes "Application for authorisation as an LTIF") is amended as follows.
2
In paragraph 1 -
a
for "competent authority of the ELTIF" substitute "FCA" in both places;
b
for the other references to "ELTIF" substitute "LTIF" in both places.
3
In paragraph 2 -
a
for "an EU AIFM authorised under Directive 2011/61/EU " substitute "a UK AIFM";
b
for "competent authority of the ELTIF" where it first appears substitute "FCA";
c
for "manage an ELTIF" substitute "manage an LTIF" in both places;
d
omit the sentence beginning "In the event that";
e
in point (b) for "ELTIF" substitute "LTIF";
f
in point (c), for "EU AIFM" substitute "UK AIFM";
g
omit the third subparagraph.
4
In paragraph 3 -
a
for "ELTIF" substitute "LTIF" in both places;
b
for "EU AIFM" substitute "UK AIFM".
5
In paragraph 4, for "competent authority of the ELTIF" substitute "FCA".
6
In paragraph 5 -
a
for "an EU AIF" substitute "a UK AIF";
b
for "ELTIF" substitute "LTIF" in each place;
c
for "an AIFM under Directive 2011/61/EU " substitute "a UK AIFM under the AIFM Regulations";
d
for "Article 7 of Directive 2011/61/EU " substitute "Part 3A of the AIFM Regulations";
e
for "EU AIF shall" substitute "UK AIF must".
Conditions for granting authorisation as an LTIF
9
1
Article 6 (the heading to which becomes "Conditions for granting authorisation as an LTIF") is amended as follows.
2
In paragraph 1 -
a
in the words before point (a) -
i
for "An EU AIF" substitute "A UK AIF";
ii
for "ELTIF" substitute "LTIF";
iii
for "its competent authority" substitute "the FCA";
b
in point (a), for "EU AIF" substitute "UK AIF";
c
in point (b), for "an EU AIFM authorised in accordance with Directive 2011/61/EU to manage the ELTIF" substitute "a UK AIFM to manage the LTIF".
3
In paragraph 2 -
a
for "an EU AIF" substitute "a UK AIF";
b
for "competent authority" substitute "FCA";
c
for "the EU AIF" substitute "the UK AIF" in both places;
d
for " Directive 2011/61/EU " substitute "the AIFM Regulations";
e
for "an EU AIFM" substitute "a UK AIFM".
4
In paragraph 3 -
a
for "The competent authority of the ELTIF" substitute "The FCA";