Section 36.
1(1)A person who for the time being is an operator, trustee or depositary of a recognised collective investment scheme is an authorised person.U.K.
(2)“Recognised” means recognised by virtue of section 264.
(3)An authorised open-ended investment company is an authorised person.
[F1(4)A body—
(a)incorporated by virtue of regulations made under section 1 of the Open-Ended Investment Companies Act (Northern Ireland) 2002 in respect of which an authorisation order is in force, and
(b)to which the UCITS directive applies,
is an authorised person.
(5)“Authorisation order” means an order made under (or having effect as made under) any provision of those regulations which is made by virtue of section 1(2)(1) of that Act (provision corresponding to Chapter 3 of Part 17 of the Act).]
Textual Amendments
F1Sch. 5 para. 1(4)(5) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), reg 10(a)
2(1)A person authorised as a result of paragraph 1(1) has permission to carry on, so far as it is a regulated activity—U.K.
(a)any activity, appropriate to the capacity in which he acts in relation to the scheme, of the kind described in paragraph 8 of Schedule 2;
(b)any activity in connection with, or for the purposes of, the scheme.
(2)A person authorised as a result of paragraph 1(3) [F2or (4)] has permission to carry on, so far as it is a regulated activity [F3other than the activity of managing an AIF]—
(a)the operation of the scheme;
(b)any activity in connection with, or for the purposes of, the operation of the scheme.
Textual Amendments
F2Words in Sch. 5 para. 2(2) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), reg 10(b)
F3Words in Sch. 5 para. 2(2) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 35