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Article 2 Certain persons not to be treated as carrying on investment business by virtue of section 191 of the Act

Original text. Later amendments are not shown.

(1)

No person of a kind described in paragraph (2) of this article shall be treated as carrying on investment business by virtue of section 191 of the Act where the assets he manages are held for the purposes of a relevant scheme.

(2)

This paragraph applies to—

(a)

any trustee of a relevant scheme who is a beneficiary or potential beneficiary under the scheme; and

(b)

any other trustee of a relevant scheme who takes no day to day decisions relating to the management of assets of the scheme which are investments.