Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

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 LTIF3

    2

    Chapters 1, 3, 4.2 and 102

    3

    3

    full-scope UK AIFM of a non-UK AIF3

    Chapters 1, 3 and 10

    small authorised UK AIFM of anauthorised AIF

    Chapter 1

    small authorised UK AIFM of an unauthorised AIF

    Chapter 1

    3

    3

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

    Chapters 1 and 3

    depositary of an LTIF3 managed by a full-scope UK AIFM2

    Chapters 1, 3 and 4.22

    3

    2

    3

    2
  2. (2)

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

  3. (3)

    FUND 10 will apply to a UK AIFM 3which intends to 3market on a cross-border basis.

Compatibility with AIFMD and the AIFMD level 2 regulation

FUND 1.1.2R

Handbook rules which conflict with either a rule which transposed3 AIFMD or a provision in the AIFMD level 2 regulation are modified to the extent necessary to be compatible with those rules and provisions3.

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.