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FUND 1.1 Application and purpose

FUND 1.1.1R
  1. (1)

    1The application of this sourcebook is summarised at a high level in the following table. The detailed application is provided in each chapter.

    Type of firm

    Applicable chapters

    full-scope UK AIFM of an unauthorised AIF

    Chapters 1, 3 and 10

    full-scope UK AIFM of an authorised AIF

    Chapters 1, 3 and 10

    full-scope UK AIFM of an ELTIF2

    Chapters 1, 3, 4.2 and 102

    full-scope UK AIFM of an EEA AIF

    Chapters 1, 3 and 10

    full-scope UK AIFM of a non-EEA AIF

    Chapters 1, 3 and 10

    small authorised UK AIFM of anauthorised AIF

    Chapter 1

    small authorised UK AIFM of an unauthorised AIF

    Chapter 1

    incoming EEA AIFM branch of a UK AIF

    Chapters 1, 3 and 10

    depositary of an AIF managed by a full-scope UK AIFM

    Chapters 1 and 3

    depositary of a UK ELTIF managed by a full-scope UK AIFM2

    Chapters 1, 3 and 4.22

    depositary of a UK ELTIF managed by a full-scope EEA AIFM2

    Chapters 1, 3 and 4.22

  2. (2)

    A residual CIS operator is not subject to the requirements in FUND.

  3. (3)

    FUND 10 will apply to a UK AIFM or incoming EEA AIFM which intends to passport or market on a cross-border basis.

Compatibility with European law

FUND 1.1.2R

Handbook rules which conflict with either a rule which transposes AIFMD or a provision in the AIFMD level 2 regulation are modified to the extent necessary to be compatible with European law.

Interaction between FUND and COLL

FUND 1.1.3G

A full-scope UK AIFM of an authorised AIF is subject to the requirements in FUND and COLL. The effect of FUND 1.1.2 R is that if a rule in COLL which applies to a UK AIFM, an ICVC that is an AIF, or a UK depositary of an AIF conflicts with either a rule in FUND transposing AIFMD or the AIFMD level 2 regulation, the COLL rule is modified to the extent necessary to be compatible with the FUND rule or the AIFMD level 2 regulation.