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The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
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Changes over time for: Section 51ZC
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- 22/07/2013- Amendment
- 06/04/2016
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The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, Section 51ZC is up to date with all changes known to be in force on or before 05 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F1Managing an AIFU.K.
51ZC.—(1) Managing an AIF is a specified kind of activity.
(2) A person manages an AIF when the person performs at least risk management or portfolio management for the AIF.
(3) A person does not manage an AIF if the functions they perform for the AIF have been delegated to it by another person, provided that such other person is not an AIFM that has delegated such functions to the extent that it is a letter-box entity.
(4) Paragraph (5) applies if a person manages an AIF, and also carries on—
(a)one or more of the additional activities listed in paragraph 2 of Annex 1 to the alternative investment fund managers directive (the text of which is set out in Schedule 7) for that AIF; or
(b)one or more other activities in connection with or for the purposes of the management of that AIF.
(5) The additional or other activities are included in the activity specified in paragraph (1).
(6) Any expression used in this article which is not defined in this Order and is used in the alternative investment fund managers directive has the same meaning as in that directive.]
Textual Amendments
F1Arts. 51ZA-51ZG substituted for arts. 51 and cross-heading (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(12)
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