FUND 10.4 AIFM third country management

This section applies to a full-scope UK AIFM of a non-EEA AIF that is not marketed in the EEA to EEA investors.

A full-scope UK AIFM may manage a non-EEA AIF subject to the satisfaction of certain conditions. If the AIF is not marketed, these conditions are that:

1. (1)

   the AIFM complies with the full requirements of AIFMD in respect of that AIF, except article 21 (Depositaries) and article 22 (Annual reporting); and

2. (2)

   (in accordance with regulation 33 of the AIFMD UK regulation) appropriate cooperation arrangements are in place between the competent authorities of the Home State of the AIFM and the supervisory authorities of the third country where the non-EEA AIF is established in order to ensure an efficient exchange of information that allows the competent authority of the Home State of the AIFM to carry out its duties in accordance with AIFMD.

As a result, a full-scope UK AIFM of a non-EEA AIF that is not marketed is required to comply with:

1. (1)

   all of FUND 3 with the exception of FUND 3.3 (Annual report of an AIF), FUND 3.11 (Depositaries) and FUND 3.12 (Marketing in the home Member State of the AIFM); and

2. (2)

   such other provisions of the FCA Handbook as are applicable to a full-scope UK AIFM.

If a full-scope UK AIFM wishes to market in the UK a non-EEA AIF that it manages, the AIFM must comply with the relevant requirements, as explained in FUND 10.5.3 G to FUND 10.5.5 G (Marketing under article 36 of AIFMD).