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

Original text. Later amendments are not shown.

(1)

The Financial Services and Markets Act 2000 (Compensation Scheme: Electing Participants) Regulations 2001f1 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

Footnotes

f1

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.