I ASSENT Financial Services (Investment and Fiduciary Services) FINANCIAL SERVICES (ALTERNATIVE INVESTMENT FUND
MANAGERS) (EUROPEAN SOCIAL ENTREPRENEURSHIP
FUNDS) REGULATIONS 2014

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
1989-47 Subsidiary 2014/121

Subsidiary Legislation made under s. 53 of the Financial Services
(Investment and Fiduciary Services) Act as read with section 23(g)(i) and
(ii) of the Interpretation and General Clauses Act.


FINANCIAL SERVICES (ALTERNATIVE INVESTMENT
FUND MANAGERS) (EUROPEAN SOCIAL
ENTREPRENEURSHIP FUNDS) REGULATIONS 2014

(LN. 2014/121)
Commencement 17.7.2014
Amending
enactments
Relevant current
provisions
Commencement
date



Transposing:


EU Legislation/International Agreements involved:
Regulation (EU) No 346/2013
_______________________

ARRANGEMENT OF REGULATIONS

Regulation

1. Title.
2. Commencement.
3. Overview.
4. Interpretation.
5. Prescribed fees.
6. Enforcement.


Financial Services (Investment and Fiduciary Services) FINANCIAL SERVICES (ALTERNATIVE INVESTMENT FUND
MANAGERS) (EUROPEAN SOCIAL ENTREPRENEURSHIP
FUNDS) REGULATIONS 2014

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
1989-47 Subsidiary 2014/121


Financial Services (Investment and Fiduciary Services) FINANCIAL SERVICES (ALTERNATIVE INVESTMENT FUND
MANAGERS) (EUROPEAN SOCIAL ENTREPRENEURSHIP
FUNDS) REGULATIONS 2014

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
1989-47 Subsidiary 2014/121
In exercise of the powers conferred by section 53 of the Financial Services
(Investment and Fiduciary Services) Act as read with section 23(g)(i) and
(ii) of the Interpretation and General Clauses Act, the Minister has made
the following Regulations—

Title.

1. These Regulations may be cited as the Financial Services (Alternative
Investment Fund Managers) (European Social Entrepreneurship Funds)
Regulations 2014.

Commencement.

2. These Regulations come into force on the day of publication.

Overview.

3. These Regulations make provision in connection with Regulation (EU)
No 346/2013 on European social entrepreneurship funds which lays down
uniform requirements and conditions for managers of collective investment
undertakings that wish to use the designation ‘EuSEF’ in relation to the
marketing of qualifying social entrepreneurship funds in the European
Union.

Interpretation.

4.(1) In these Regulations “the EuSEF Regulation” means Regulation (EU)
No 346/2013 of the European Parliament and of the Council of 17 April
2013 on European social entrepreneurship funds.

(2) Expressions used in these Regulations have the same meaning as in the
EuSEF Regulation.

(3) In these Regulations “the FSC” means the Financial Services
Commission established under the Financial Services Commission Act
2007.

Prescribed fees.

5.(1) Part 3 of the Schedule to the Financial Services (Alternative Fund
Managers) (Fees) Regulations 2013 is amended as follows.

(2) After paragraph 5 (Designation as EuVECA) insert—

“Designation as EuSEF

Financial Services (Investment and Fiduciary Services) FINANCIAL SERVICES (ALTERNATIVE INVESTMENT FUND
MANAGERS) (EUROPEAN SOCIAL ENTREPRENEURSHIP
FUNDS) REGULATIONS 2014

© Government of Gibraltar (www.gibraltarlaws.gov.gi)
1989-47 Subsidiary 2014/121
6.(1) This paragraph applies where the manager of a collective
investment undertaking makes an application to the FSC to use
the designation ‘EuSEF’ in accordance with Regulation (EU)
346/2013.

(2) The manager must pay—

(a) a registration fee of £750.00, and

(b) an annual fee of £750.00.”.

Enforcement.

6.(1) The FSC is the competent authority of Gibraltar for the purposes of
the EuSEF Regulation (and is, accordingly, responsible for registration in
accordance with that Regulation).

(2) In particular—

(a) supervision and enforcement obligations imposed on the
competent authority are obligations of the FSC;

(b) the FSC shall have the powers and obligations specified in
Articles 20, 21, 22 and 23 of the EuSEF Regulation, and

(c) the powers conferred on the FSC by regulation 55 of the
Financial Services (Alternative Investment Fund Managers)
Regulations 2013 (“the AIFM Regulations”) (powers of FSC)
apply in relation to compliance with the EuSEF Regulation as
they apply in relation to compliance with the AIFM Directive;
and any supplemental regulations conferring powers on the
FSC for the purpose of monitoring and enforcing compliance
with the AIFM Regulations shall apply in relation to
compliance with the EuSEF Regulation with any necessary
modifications.