The Personal Equity Plan (Amendment No. 2) Regulations 1995

Amendments to the principal Regulations

5.  In regulation 11(2)—

(a) for sub-paragraph (b) there shall be substituted—

“(b) a plan manager must be—

(i) an authorised person within the meaning of Chapter III of Part I of the Financial Services Act 1986(1) (“the 1986 Act”), or

(ii) a European institution which may carry on home-regulated investment business in the United Kingdom in accordance with the Banking Co-ordination (Second Council Directive) Regulations 1992;”

(b) at the end of sub-paragraph (c) there shall be added—

“; and

(d) a plan manager who is a European institution or a relevant authorised person and who does not have a branch or business establishment in the United Kingdom, or has such a branch or business establishment but does not intend to carry out all his functions as a plan manager at that branch or business establishment, must fulfil one of the three requirements specified in regulation 11A.”

(1)

1986 c. 60; section 13 was amended by section 206(1) of, and paragraph 1 of Part I of Schedule 23 to, the Companies Act 1989 (c. 40) and section 23 was substituted by section 98(a), and paragraph 1 of Part I of Schedule 18 to, the Friendly Societies Act 1992 (c. 40).