Version Superseded: 01/12/2001
Point in time view as at 06/01/1997. This version of this provision has been superseded.
Financial Services Act 1986 (Repealed), Section 83 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)The manager of an authorised unit trust scheme shall not engage in any activities other than those mentioned in subsection (2) below.
(2)Those activities are—
(a)acting as manager of—
(i)a unit trust scheme;
(ii)an open-ended investment company or any other body corporate whose business consists of investing its funds with the aim of spreading investment risk and giving its members the benefit of the results of the management of its funds by or on behalf of that body; or
(iii)any other collective investment scheme under which the contributions of the participants and the profits or income out of which payments are to be made to them are pooled;
[F1(aa)acting as a director of an investment company with variable capital;]
(b)activities for the purposes of or in connection with those mentioned in paragraph (a) [F2or (aa)] above.
(3)A prohibition under section 65 above may prohibit the manager of an authorised unit trust scheme from inviting persons in any specified country or territory outside the United Kingdom to become participants in the scheme.
Textual Amendments
F1S. 83(2)(aa) inserted (6.1.1997) by S.I. 1996/2827, reg. 75, Sch. 8 Pt. I para. 15(a)
F2Words in s. 83(2)(b) inserted (6.1.1997) by S.I. 1996/2827, reg. 75, Sch. 8 Pt. I para. 15(b)
Modifications etc. (not altering text)
C1S. 83(1) extended (1.12.2001) by S.I. 2001/2957, art. 5(1)(b)(3); S.I. 2001/3538, art. 2(1)
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