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5. In regulation 4 for paragraphs (2) to (4) there shall be substituted –
“(2) A person is an investment manager if –
(a)he has permission under Part IV of the Financial Services and Markets Act 2000 to manage investments and may lawfully manage the assets of occupational pension schemes;
(b)he is an EEA firm of the kind mentioned in sub-paragraph (a), (b) or (c) of paragraph 5 of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to manage investments and may lawfully manage the assets of occupational pension schemes; or
(c)he is a person –
(i)who does not carry on regulated activities (within the meaning of that Act) from a permanent place of business maintained by him in the United Kingdom;
(ii)whose head office is situated in an EEA State (within the meaning of that Act) other than the United Kingdom;
(iii)who is recognised by the law of that EEA State as a national of that or another EEA State;
(iv)who is authorised under that law to carry on one or more regulated activities (within the meaning of that Act); and
(v)who is not prevented by that law from managing the assets of occupational pension schemes or assets belonging to another person.”.
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