PART II SPECIFIED ACTIVITIES

Chapter XF1Collective Investment ...

Annotations:
Amendments (Textual)
F1

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)

F2Exclusions

Annotations:
Amendments (Textual)
F2

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.