44. U.K.
(1) A charity is exempt from the general prohibition in respect of any regulated activity of the kind specified by [F1articles 51ZA to 51ZE of the Regulated Activities Order (managing or acting as trustee or depositary of a UCITS or an AIF, or establishing etc. a collective investment scheme)] which it carries on in relation to a fund established under—
(a)section 22A of the Charities Act 1960 M1;
(b)section 25 of the Charities Act 1993 M2; or
(c)section 25 of the Charities Act (Northern Ireland) 1964 M3.
(2) A charity is exempt from the general prohibition in respect of any regulated activity of the kind specified by [F2articles 51ZA to 51ZE of the Regulated Activities Order (managing or acting as trustee or depositary of a UCITS or an AIF, or establishing etc. a collective investment scheme)] which it carries on in relation to a pooling scheme fund established under—
(a)section 22 of the Charities Act 1960; or
(b)section 24 of the Charities Act 1993.
(3) In sub-paragraph (2), “pooling scheme fund" means a fund established by a common investment scheme the trusts of which provide that property is not to be transferred to the fund except by or on behalf of a charity, the charity trustees (within the meaning of section 97(1) of the Charities Act 1993) of which are the trustees appointed to manage the fund.
Textual Amendments
F1Words in Sch. para. 44(1) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 8(3)
F2Words in Sch. para. 44(2) substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 8(3)
Marginal Citations
M11960 c. 58. Inserted by section 16 of the Charities Act 1992 (c. 41); repealed by the Charities Act 1993 (c. 10) Schedule 7.