PART II SPECIFIED ACTIVITIES
Chapter XF1Collective Investment ...
The activities
F2Acting as trustee or depositary of an AIF51ZD
1
Acting as—
a
the depositary of an AIF falling within paragraph (2),
b
the trustee of an authorised unit trust scheme which is an AIF that does not fall within paragraph (2), or
c
the depositary of an open-ended investment company or authorised contractual scheme which is an AIF that does not fall within paragraph (2),
is a specified kind of activity.
2
An AIF falls within this paragraph if it is—
a
an AIF managed by a full-scope UK AIFM; or
b
a UK AIF managed by an EEA AIFM.
3
In paragraph (1)(a) “depositary” means—
a
a person appointed in compliance with the requirement for the AIFM to appoint a depositary at Article 21.1 of the alternative investment fund managers directive; or
b
an Article 36 custodian as defined in regulation 57(5)(a) of the Alternative Investment Fund Managers Regulations 2013.
4
In paragraph (1)(b) “authorised unit trust scheme” and “trustee” have the meanings given by section 237 of the Act.
5
In paragraph (1)(c) “authorised contractual scheme” and “depositary” have the meanings given by section 237 of the Act.
6
Until 22nd July 2017, an AIF also falls within paragraph (2) if the FCA or an authority in another EEA State has permitted a person with its registered office or a branch in the United Kingdom to be appointed as a depositary of the AIF in accordance with Article 61.5 of the alternative investment fund managers directive.
Word in Pt. 2 Ch. 10 heading omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(11)