- Latest available (Revised)
- Original (As enacted)
Financial Services and Markets Act 2000, Section 418 is up to date with all changes known to be in force on or before 01 September 2024. 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.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
(1)[F1In the cases] described in this section, a person who—
(a)is carrying on a regulated activity, but
(b)would not otherwise be regarded as carrying it on in the United Kingdom,
is, for the purposes of this Act, to be regarded as carrying it on in the United Kingdom.
F2(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F3(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4)The third case is where—
(a)his registered office (or if he does not have a registered office his head office) is in the United Kingdom;
(b)the day-to-day management of the carrying on of the regulated activity is the responsibility of—
(i)his registered office (or head office); or
(ii)another establishment maintained by him in the United Kingdom.
(5)The fourth case is where—
(a)his head office is not in the United Kingdom; but
(b)the activity is carried on from an establishment maintained by him in the United Kingdom.
F4(5A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F5(5AA)The sixth case is where—
(a)the regulated activity being carried on by the person is the regulated activity of managing an AIF;
(b)the AIF being managed—
(i)has its registered office in [F6the United Kingdom]; or
(ii)is marketed in [F7the United Kingdom];
(c)the person’s registered office is in the United Kingdom or, if the person does not have a registered office, the person’s head office is in the United Kingdom; and
(d)the activity is carried on from an establishment maintained in a country or territory outside [F8the United Kingdom].]
[F9(5B)The seventh case is where—
(a)the regulated activity being carried on by the person is the regulated activity of managing an AIF,
(b)the AIF being managed—
(i)has its registered office in the United Kingdom, or
(ii)is marketed in the United Kingdom,
(c)[F10if the AIF being managed is marketed in the United Kingdom, it is marketed otherwise than in accordance with regulation 59 of the Alternative Investment Fund Managers Regulations 2013, and]
(d)the person does not have a registered office in the United Kingdom,]
(6)[F11For the purposes of the preceding subsections] it is irrelevant where the person with whom the activity is carried on is situated.
F12(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F13(8)For the purposes of this section, an AIF is “marketed” when—
(a)the person managing the AIF (“the AIFM”) makes a direct or indirect offering or placement of units or shares of the AIF to or with an investor domiciled or with a registered office in the United Kingdom, or
(b)another person makes such an offering or placement at the initiative of, or on behalf of, the AIFM.]
Textual Amendments
F1Words in s. 418(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 86(2); 2020 c. 1, Sch. 5 para. 1(1)
F2S. 418(2) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 86(3); 2020 c. 1, Sch. 5 para. 1(1)
F3S. 418(3) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 86(3); 2020 c. 1, Sch. 5 para. 1(1)
F4S. 418(5A) omitted (31.12.2020) by virtue of The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361), regs. 1(2), 4 (as amended by S.I. 2019/1390, regs. 1(2), 6); 2020 c. 1, Sch. 5 para. 1(1)
F5S. 418(5AA) inserted (16.6.2014) by The Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292), arts. 1(2), 2(b) (as amended by S.I. 2014/1313, arts. 1, 2(a))
F6Words in s. 418(5AA)(b)(i) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 86(4)(a); 2020 c. 1, Sch. 5 para. 1(1)
F7Words in s. 418(5AA)(b)(ii) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 86(4)(a); 2020 c. 1, Sch. 5 para. 1(1)
F8Words in s. 418(5AA)(d) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 86(4)(b); 2020 c. 1, Sch. 5 para. 1(1)
F9S. 418(5B) inserted (coming into force in accordance with reg. 1(3) of the amending S.I.) by The Alternative Investment Fund Managers (Amendment) Regulations 2013 (S.I. 2013/1797), reg. 1(3), Sch. 1 para. 1(4)(b) (as amended by: S.I. 2014/1292, art. 5(b); S.I. 2019/328, regs. 1(3), 20(2)(c); and S.I. 2019/325, reg. 58)); 2020 c. 1, Sch. 5 para. 1(1))
F10S. 418(5B)(c) repealed (coming into force in accordance with reg. 1(4) of the amending S.I.) by The Alternative Investment Fund Managers (Amendment) Regulations 2013 (S.I. 2013/1797), reg. 1(4), Sch. 2 para. 1
F11Words in s. 418(6) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 86(5); 2020 c. 1, Sch. 5 para. 1(1)
F12S. 418(7) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 86(6); 2020 c. 1, Sch. 5 para. 1(1)
F13S. 418(8) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 86(7); 2020 c. 1, Sch. 5 para. 1(1)
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: