UK: The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019

The Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 were made on Wednesday (the 20th): see here (pdf). Parts 1 and 2 are now in force (Part 2 amends the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018). Part 3 comes into force on exit day. The Regulations are accompanied by an explanatory memorandum - see here (pdf) - from which this description of their purpose is taken (paras. 2.1 and 2.2):

This instrument is being made in order to address the deficiencies in retained EU law in relation to European Long-term Investment Funds (ELTIFs), arising from the withdrawal of the United Kingdom (UK) from the European Union (EU), ensuring the legislation continues to operate effectively at the point at which the UK leaves the EU.

This instrument relates to the ELTIF Regulation (Regulation (EU) 2015/760), which covers a sub-category of Alternative Investment Funds (AIFs) that direct investment towards long term investments, such as small and medium sized businesses and the development and operation of infrastructure, public buildings, social infrastructure, transport, sustainable energy and communications".