FUND TP 1 Transitional Provisions

1(1)

(2)

(3)

(4)

(5)

(6)

Material to which the transitional provision applies

Transitional provision

Transitional provision: date in force

Handbook provisions: coming into force

15

FUND 3.11.2 R

R

A credit institution established in the UK and appointed as a depositary of an EEA AIF managed by a full-scope UK AIFM or a full-scope EEA AIFM in accordance with article 61(5) of AIFMD must comply with the provisions of FUND 3.11 that apply to a UK depositary of a UK AIF managed by a full-scope UK AIFM or an EEA AIFM.

From 22 July 2013 until 22 July 2017.

22 July 20132

21A

FUND 3.11.4R (2)

R

An AIFM that appoints a depositary in accordance with article 61(5) of AIFMD must ensure the assets of the AIF are entrusted to the depositary for safekeeping in accordance with the national laws and regulations of the EEA State of the competent authority of the depositary (as defined in article 4(1)(g) of AIFMD).

From 1 July 2014 until 22 July 2017.

1 July 2014

25

FUND 3.11.10 R

R

An AIFM may ensure the appointment of a credit institution that is established in an EEA State other than the UK for each UK AIF it manages that is an unauthorised AIF, unless the AIF is an ELTIF4.

From 22 July 2013 until 22 July 2017.

22 July 2013

3

FUND 3.11.14R (1)

R

Expired3

45

FUND 3.11.18 R

R

An AIFM may ensure the appointment of a depositary that is a credit institution established in an EEA State other than the Home State of the AIF for each EEA AIF it manages if this is permitted by the laws and regulations of the Home State of the AIF.

From 22 July 2013 until 22 July 2017.

22 July 2013

5

FUND 3.11.33R (1)(a)

R

Expired3

46

FUND 3.11.24R

R

FUND 3.11.24R does not apply to a credit institution established in the UK in relation to an EEA ELTIF for which it is appointed as a depositary that is:

(a) managed by a full-scope UK AIFM or a full-scope EEA AIFM in accordance with article 61(5) of AIFMD; and

(b) marketed to a retail client.

From 9 December 2015 until 22 July 2017

9 December 2015

57

FUND 3.2.4AG

G

A full-scope UK AIFM does not need to comply with the provisions of the Securities Financing Transactions Regulation referred to in FUND 3.2.4AG for:

From 23 September 2016 until 12 July 2017

23 September 2016

5(1)

any sub-fund that was constituted before 12 January 2016, if the AIF has one or more sub-funds; and

5(2)

an AIF that was constituted before 12 January 2016 and has no sub-funds.

5[Note: article 33(2)(c) of the Securities Financing Transactions Regulation]