Financial Services Act 1986 (Repealed)

83 Restrictions on activities of manager. U.K.

(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) [F2 or (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

F1 S. 83(2)(aa) inserted (6.1.1997) by S.I. 1996/2827, reg. 75, Sch. 8 Pt. I para. 15(a)

F2 Words 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)

C1 S. 83(1) extended (1.12.2001) by S.I. 2001/2957, art. 5(1)(b)(3); S.I. 2001/3538, art. 2(1)