Paragraph 6

In section 55V (determination of applications) after subsection (7) insert—

“(8)

In the case of an application for permission under this Part which—

(a)

relates to the regulated activity of managing an AIF, and

(b)

would if granted result in the applicant becoming a full-scope UK AIFM,

this section has effect subject to regulation 5 of the Alternative Investment Fund Managers Regulations 2013 and, accordingly, subsections (1) to (3) do not apply.”.