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.”.