PART II SPECIFIED ACTIVITIES
Chapter XF1Collective Investment ...
F2Exclusions
Arts. 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)
Operating a collective investment scheme in relation to F3a UK UCITS or an AIF51ZG
1
A person does not carry on an activity of the kind specified by article 51ZE if the person carries on the activity—
a
in relation to F4a UK UCITS, and—
i
at the time the person carries on the activity, the UCITS is managed by a person with a Part 4A permission to carry on the activity specified by article 51ZA in respect of that UCITS; or
ii
no more than the permitted period has passed since the UCITS was managed by a person with such a Part 4A permission; or
b
in relation to an AIF, and—
i
at the time the person carries on the activity, the AIF is managed by—
aa
a person with a Part 4A permission to carry on the activity specified by article 51ZC in respect of that AIF; or
bb
a person registered as a small registered UK AIFM because the conditions in regulation 10(4) of the Alternative Investment Fund Managers Regulations 2013 are met in respect of that AIF; or
ii
no more than the permitted period has passed since the AIF was managed by a person with such a Part 4A permission or registration.
2
In this article “the permitted period” means a period calculated as follows—
a
subject to sub-paragraphs (b) and (c), the period is 30 days;
b
if, before the end of the period, the FCA receives notice of the action being taken to appoint a person with a Part 4A permission or registration to manage F5the UK UCITS or the AIF, the period is extended by a further 30 days, and may be so extended a second time;
c
if, before the end of the period calculated in accordance with sub-paragraphs (a) and (b), the FCA receives notice of a proposal in respect of F6the UK UCITS or the AIF for a new manager under section 251(3) of the Act, a new operator under section 261Q(5) of the Act or a new director under regulation 21(1)(e) of the Open-Ended Investment Company Regulations 2001, the period is further extended until the earlier of—
i
the date on which the FCA gives written notice of its approval to the proposal;
ii
the date on which the FCA gives a decision notice refusing the proposal; or
iii
one month after the date on which notice of the proposal was given.
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)