Regulation 52 Relevant trust assets

(1)

This Part applies where a relevant undertaking is—

(a)

a dominant beneficiary,

(b)

a trustee,

(c)

an AIFM, or

(d)

an operator

in relation to a relevant trust on the qualification date for a compliance period.

(2)

A relevant trust exists where—

(a)

one or more trustees hold one or more assets (“relevant trust assets”) on trust for the benefit of one or more beneficiaries, and

(b)

one or more relevant undertakings, at least one of which is a relevant undertaking mentioned in paragraph (1), agrees with a person (“S”) that S will supply energy to the relevant trust asset, and the trust asset is supplied with energy further to that agreement.

(3)

For the purposes of this Part—

(a)

“AIFM” has the meaning given in regulation 4 of the Alternative Investment Fund Managers Regulations 2013 M1,

(b)

“dominant beneficiary” means a beneficiary that is entitled to more than half of the assets of the relevant trust,

(c)

“operator” means a person with permission under Part 4A of the Financial Services and Markets Act 2000 M2 to carry on a regulated activity, and

(d)

“regulated activity” has the meaning given in section 22 of the Financial Services and Markets Act 2000 M3.

Annotations

Marginal citations

M1: S.I. 2013/1773, to which there are amendments not relevant to these Regulations.
M2: 2000 c. 8. Part 4A is substituted by section 11(2) of the Financial Services Act 2012 (c. 21).
M3: Section 22 is amended by section 7(1) of the Financial Services Act 2012.