Question 7.1: Must the AIFMD regulated activities be carried on by way of business for authorisation to be required?
Yes. Under section 22 of the Act (Regulated activities), for any activity to be a regulated activity it must be carried on by way of business.
Question 7.2: What is the test for whether activities are carried on by way of business?
The test for whether the regulated activities of managing an AIF and acting as a depositary of an AIF are carried on by way of business is the one described in PERG 2.3.2G (2).