Amendments to the principal Regulations5
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 19868 (“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.