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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.

feeder AIF

    125an AIF which:

      1. (a) invests at least 85% of its assets in units or shares of another AIF (the 'master AIF'); or
      1. (b) invests at least 85 % of its assets in two or more AIFs where those AIFs (the 'master AIFs') have identical investment strategies; or
      1. (c) otherwise has an exposure of at least 85% of its assets to such a master AIF.

    [Note: article 4(1)(m) of AIFMD]125