Regulation 86 Section 418 (carrying on regulated activities in the United Kingdom)I1

United Kingdom

(1)

Section 418 M1 (carrying on regulated activities in the United Kingdom) is amended as follows.

(2)

In subsection (1) M2, for the words before “described” substitute “ In the cases ”.

(3)

Omit subsections (2) and (3) M3.

(4)

In subsection (5AA) M4—

(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) M5.

(7)

For subsection (8) M6 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.”.

Annotations

Marginal citations

M1: Amendments of section 418 are made by S.I. 2013/1797 but these are not in force.
M2: Subsection (1) was amended by S.I. 2014/1292.
M3: Subsection (3)(b) was amended by S.I. 2011/1043.
M4: Subsection (5AA) was inserted by S.I. 2014/1292
M5: Subsection (7) was inserted by S.I. 2012/1906.
M6: Subsection (8) was inserted by S.I. 2014/1292.

Commencement

I1: Reg. 86 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)