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11. After section 24 of the 1986 Act (operators and trustees of recognised schemes) there shall be inserted the following section—
24A. An investment company with variable capital is an authorised person as respects—
(a)investment business which consists in operating the collective investment scheme constituted by the company; and
(b)any investment business which is carried on by the company in connection with or for the purposes of operating that scheme.”.
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