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Paragraph 11 Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001F1

(1)

The Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001 M1 are amended as follows.

(2)

In regulation 1(2) (interpretation) in the appropriate places insert—

““authorised contractual scheme” has the meaning given at section 237(3) of the Act;”;

““authorised open-ended investment company” has the meaning given at section 237(3) of the Act;”;

““authorised unit trust scheme” has the meaning given at section 237(3) of the Act;”;

““relevant AIFM” means an EEA firm falling within paragraph 5(h) of Schedule 3 to the Act which—

  1. (a)

    is authorised by its home state regulator to provide services specified by Annex I to the alternative investment fund managers directive; and

  2. (b)

    is providing those services, or services specified by Article 6.4 of that directive (discretionary portfolio management and non-core services), in the United Kingdom;”;

““UK AIF” has the meaning given in regulation 2 of the Alternative Investment Fund Managers Regulations 2013.”.

(3)

In regulation 2 (persons not to be regarded as relevant persons)—

(a)

omit “and” after sub-paragraph (1)(c);

(b)

after sub-paragraph (1)(d) insert—

“; and

(e)

any relevant AIFM.”;

(c)

after paragraph (3) insert—

“(4)

A relevant AIFM is prescribed in relation to all authorised activities other than any services specified by Annex I to the alternative investment fund managers directive provided in respect of an authorised unit trust scheme, an authorised contractual scheme or an authorised open-ended investment company.”.

(4)

In regulation 3(1) (persons who may elect to participate)—

(a)

omit “and” after sub-paragraph (b);

(b)

after sub-paragraph (c) insert—

“; and

(d)

any relevant AIFM which has established a branch in the United Kingdom in exercise of an EEA right to the extent that it—

(i)

provides services specified by Annex I to the alternative fund managers directive in respect of a UK AIF which is not an authorised unit trust scheme, an authorised contractual scheme or an authorised open-ended investment company, unless the relevant AIFM is a member of another investor-compensation scheme which affords investors protection which equals or exceeds that provided by the Financial Services Compensation Scheme; or

(ii)

provides services specified in Article 6.4 of the alternative investment fund managers directive (discretionary portfolio management and non-core services), and is a member of a home State investor-compensation scheme which meets the condition in paragraph (2);”.

(5)

In regulation 4 (persons in respect of whom inspection under section 224 does not apply)—

(a)

omit “and” after paragraph (c);

(b)

after paragraph (d) insert—

“; and

(e)

any relevant AIFM to the extent that it provided services in the United Kingdom other than services specified by Annex I to the alternative investment fund managers directive that were provided in respect of an authorised unit trust scheme, an authorised contractual scheme or an authorised open-ended investment company.”.

Annotations

Textual amendments

F1

Regulations revoked (14.12.2023 for the revocation of reg. 79) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(vi)

Marginal citations

M1

S.I. 2001/1783. Regulation 1 was amended by S.I. 2003/1476, S.I. 2003/2066, S.I. 2006/3221 and S.I. 2011/1613. Regulation 2 was amended by S.I. 2003/1476, S.I. 2003/2066 and S.I. 2011/1613. Regulations 3 and 4 were amended by S.I. 2003/1476 and S.I. 2003/2066.