Preliminary

Definition of “investment manager”4

1

This regulation describes those persons who count as an “investment manager” for these Regulations.

2

A person is an investment manager if he is authorised under the Financial Services Act 198610 to manage the assets of occupational pension schemes.

3

A person is also an investment manager if he—

a

does not transact investment business (within the meaning of that Act) from a permanent place of business maintained by him in the United Kingdom;

b

has a head office situated outside the United Kingdom in a member State;

c

is recognised by the law of that State as a national of a member State;

d

is authorised under that law to engage in one or more of the actitivies specified in Part II of Schedule 1 to the Financial Services Act 1986 (which lists different sorts of investment business); and

e

is not prevented by that law from managing the assets of occupational pension schemes or assets belonging to another person.

4

A European institution carrying on home-regulated investment business in the United Kingdom is also an investment manager.