Please note that after the end of the Brexit transition period, the UK AIFMs and AIFs will be subject to the provisions / requirements regarding third country entities, namely Chapter VII - Specific rules on third countries and Chapter VIII - Distribution to retail investors in the Directive (2011/61 / EU) as transposed into our national legislation:
- Chapter VII - Specific rules regarding third countries and Chapter VIII - Distribution to retail investors of Law no. 74/2015 regarding the managers of alternative investment fundsavailable on the ASF website.
- Title V - Chapter III - Requirements applicable to the distribution to Romanian investors of participation certificates issued by AIFs from third countries of ASF Regulation no. 10/2015 on the management of alternative investment funds, available on the ASF website at the following link: https://asfromania.ro/en/legislation/sectorial-legislation/capital-market/secondary-legislation-cnvm/regulations-cnvm/4345-regulation-no-10-2015
Please note that after the Brexit transition period, UK management companies will be subject to the provisions / requirements for third country entities, namely:
- art. 9 - Chapter III - Obligations concerning management companies, Section 2 - Relations with third countries of the Directive (2009/65 / EU) as transposed into our national legislation by::- art. 178 of Chapter V - Cross-border operations, Section 3 - Relations with third countries of GEO no. 32/2012 on collective investment undertakings in investment securities and investment management companies, as well as for amending and supplementing Law no. 297/2004 on the capital market, with subsequent amendments and completions, available on the ASF website at the following link: https://asfromania.ro/en/legislation/sectorial-legislation/capital-market/primary-legislation-cnvm/ 2328-emergency-ordinance-no-32-2012.
- art. 196 - 197 of Chapter XIII - Freedom to provide services of ASF Regulation no.9/2014 on the Authorization and Operation of Management Companies, UCITS and of the UCITS Depositaries, with subsequent amendments and completions, available on the ASF website at the following link: https://asfromania.ro/en/legislation/sectorial-legislation/capital-market/secondary-legislation-cnvm/regulations-cnvm/3168-regulation-no-9 -2014.
In this context, at national level, in the application of art. 9 of the Directive (2009/65 / EU), management companies from third countries, including the United Kingdom, in order to carry out activities in Romania must set up a branch in Romania which must be subject to ASF authorization, with the fulfillment of the conditions from art. 178 of the Emergency Ordinance no. 32/2012, with subsequent amendments and completions. In this sense, in accordance with the provisions of art. 196 of Regulation no. 9/2014, with subsequent amendments and completions, the Fund Manager in the United Kingdom will submit an application accompanied by the documentation provided in the up-mentioned article. ASF will authorize the branch only if the conditions and obligations provided in the previously mentioned national legislation are met. Furthermore, the fees referred to in points 1.6 and 2.2 letter a) of Annex no. 3 of Regulation no. 16/2014 on the revenues of the Financial Supervision Authority have to be paid.
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