FUND 1.1 Application and purpose
- (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
Chapters 1, 3 and 10
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
Chapters 1, 3 and 10
Chapter 1
Chapter 1
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)
A residual CIS operator is not subject to the requirements in FUND.
- (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
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
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.