Regulations 3(c) and 5 of the European Union (Alternative Investment Fund Managers) (Amendment) Regulations 2014 (SI 379/2014) come into operation on 21 December 2014. Regulations 3(c) and 5 transpose the requirements of the Credit Ratings Agencies Directive aiming: (i) to restrict the reliance on ratings provided by credit rating agencies, (ii) to refine the requirements for risk management and (iii) to amend the AIFM Regulations and the UCITS Regulations accordingly.