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45. A person acting in his capacity as manager or operator of a fund established under section 11 of the Trustee Investments Act 1961 M1 is exempt from the general prohibition in respect of any regulated activity of the kind specified by [F1articles 51ZA to 51ZE of the Regulated Activities Order (managing or acting as trustee or depositary of a UCITS or an AIF, or establishing etc. a collective investment scheme)] which he carries on in relation to that fund.U.K.
Textual Amendments
F1Words in Sch. para. 45 substituted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 8(3)
Marginal Citations
M11961 c. 62; amended by the Local Government Act 1963 (c. 33) Schedule 8; and by the Local Government Act 1985 (c.51) Schedule 17.