# The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, Regulation 86: Section 418 (carrying on regulated activities in the United Kingdom)

Extent: E+W+S+N.I.

(1) Section 418 (carrying on regulated activities in the United Kingdom) is amended as follows.
(2) In subsection (1) , for the words before “described” substitute “ In the cases ”.
(3) Omit subsections (2) and (3) .
(4) In subsection (5AA) —
(a) in paragraph (b)(i) and (ii), for “an EEA State” substitute “ the United Kingdom ”;
(b) in paragraph (d), for “the EEA” substitute “ the United Kingdom ”.
(5) In subsection (6), for the words before “it is irrelevant” substitute “ For the purposes of the preceding subsections ”.
(6) Omit subsection (7) .
(7) For subsection (8) substitute—
“(8) For the purposes of this section, an AIF is “marketed” when—
(a) the person managing the AIF (“the AIFM”) makes a direct or indirect offering or placement of units or shares of the AIF to or with an investor domiciled or with a registered office in the United Kingdom, or
(b) another person makes such an offering or placement at the initiative of, or on behalf of, the AIFM.”.

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Source: https://www.legislation.gov.uk/uksi/2019/632/regulation/86 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-amendment-eu-exit-regulations-2019/regulation-86
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.