Textual Amendments
F1Word 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)
Textual Amendments
F2Arts. 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)
51ZF. There is excluded from article 51ZC the activity of managing an AIF if the person carrying on the activity is listed or described in Schedule 8.
51ZG.—(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.]
Textual Amendments
F3Words in art. 51ZG heading substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 135(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in art. 51ZG(1)(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 135(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in art. 51ZG(2)(b) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 135(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in art. 51ZG(2)(c) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 135(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)