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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.

alternative investment fund

    154a collective investment undertaking, including investment compartments thereof, which:

      1. (a) raises capital from a number of investors, with a view to investing it in accordance with a defined investment policy for the benefit of those investors; and
      1. (b) is not a UK UCITS154.

    [Note: article 4(1)(a) of AIFMD]154