Section 863H | Election for special provision for alternative investment fund managers to apply ^F1

(1)Section 863I applies in relation to an AIFM trade of an AIFM firm if the AIFM firm elects for that section to apply.^F1

(2)An election under this section must be made within 6 months after the end of the first period of account for which the election is to have effect.^F1

(3)An “AIFM firm” is a firm—^F1

(a)the regular business of which is managing one or more AIFs, or^F1

(b)which carries out one or more functions of managing one or more AIFs—^F1

(i)as the delegate of, or^F1

(ii)as the sub-delegate of a delegate of,^F1

a person whose regular business is managing one or more AIFs.

(4)An “AIFM trade” is a trade of an AIFM firm which involves the firm's activities mentioned in subsection (3)(a) or (b).^F1

(5)Subsection (3)(a) and (b) is to be construed as if it were contained in regulation 4 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773).^F1