[F1Acting as trustee or depositary of an AIFU.K.
51ZD.—(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.]
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)