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2. For regulation 2(2) substitute—
“(2) The manager of the scheme must be a person who is—
(a)mentioned in section 632(1) of the Income and Corporation Taxes Act(1) (establishment of schemes); or
(b)the authorised corporate director of an open-ended investment company.
(3) In this regulation “authorised corporate director” and “open-ended investment company” each has the same meaning as in the Open-ended Investment Companies (Tax) Regulations 1997(2).”.
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