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 LTIF3
2Chapters 1, 3, 4.2 and 102
Chapters 1, 3 and 10
Chapter 1
Chapter 1
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
2 2 - (2)
A residual CIS operator is not subject to the requirements in FUND.
- (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
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.