The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

Article 51ZF

[F1 SCHEDULE 8 U.K. PERSONS EXCLUDED FROM REGULATED ACTIVITY OF MANAGING AN AIF

Textual Amendments

F1 Schs. 6-8 inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(17)

Interpretation of this Schedule U.K.

1.   Any expression used in this Schedule which is used in the alternative investment fund managers directive [F2 , and not referred to in paragraph 1B,] has the same meaning as in that directive.

Textual Amendments

F2 Words in Sch. 8 para. 1 inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(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)

[F3 1A.   For the purposes of paragraph 1, in Article 4(1)(o) of the alternative investment fund managers directive (definition of “holding company”) the reference to the Union is to be read as a reference to the United Kingdom.] U.K.

Textual Amendments

F3 Sch. 8 paras. 1A, 1B inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(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)

[F3 1B.   In this Schedule— U.K.

“parent undertaking” has the meaning given by section 1162 of the Companies Act 2006 M1 (read with Schedule 7 to that Act);

“subsidiary” has the meaning given to “subsidiary undertaking” by that section (read with that Schedule).]

Textual Amendments

F3 Sch. 8 paras. 1A, 1B inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(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)

Marginal Citations

M1 2006 c.46.

Persons excluded U.K.

2.   A small registered UK AIFM, in respect of the AIFs managed by it by virtue of which it is entitled to be registered as a small registered UK AIFM (but not in respect of any other AIFs managed by it).

3.   An AIFM in so far as it manages one or more AIFs whose only investors are— U.K.

(a) the AIFM,

(b) the parent undertakings of the AIFM,

(c) the subsidiaries of the AIFM, or

(d) other subsidiaries of those parent undertakings,

provided that none of the investors is an AIF.

[F4 4.   The trustees and managers of an occupational pension scheme within the meaning of section 1(1) of the Pension Schemes Act 1993F5 .] U.K.

Textual Amendments

F4 Sch. 8 para. 4 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(4) (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)

F5 1993 c.48.

5.  F6 ... The European Investment Bank, the European Investment Fund, a bilateral development bank, the World Bank, the International Monetary Fund [F7 or any other] supranational institution or similar international organisation, F8 ... in the event that such institution or organisation manages AIFs and in so far as those AIFs act in the public interest. U.K.

Textual Amendments

F6 Words in Sch. 8 para. 5 omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(5)(a) (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)

F7 Words in Sch. 8 para. 5 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(5)(b) (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)

F8 Words in Sch. 8 para. 5 omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(5)(c) (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)

6.   A national central bank. U.K.

7.   A national, regional or local government or body or other institution which manages funds supporting social security and pension systems. U.K.

8.   A holding company. U.K.

9.   An employee participation scheme or employee savings scheme. U.K.

10.   A securitisation special purpose entity. U.K.

[F9 11.   An AIFM, the registered office of which is not in [F10 the United Kingdom] [F11 , that is registered in the United Kingdom in accordance with [F12 Part 3 of the Alternative Investment Fund Managers Regulations 2013 ]].]] U.K.

Textual Amendments

F9 Sch. 8 para. 11 omitted (coming into force in accordance with reg. 1(4) of the amending S.I.) by virtue of The Alternative Investment Fund Managers (Amendment) Regulations 2013 (S.I. 2013/1797), Sch. 2 para. 2

F10 Words in Sch. 8 para. 11 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(6)(a) (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)

F11 Words in Sch. 8 para. 11 inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), regs. 1, 81(3)

F12 Words in Sch. 8 para. 11 substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 161(6)(b) (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)