Article 48 Disclosure of interests in shares: interests to be disclosedI1

Article 207 of the 1986 Order (interests in shares required to be disclosed) is amended as follows.

In paragraph (2A)^f1, in sub-paragraph (a) for “authorised to” substitute “who may lawfully”.

In that paragraph, in sub-paragraph (b), for paragraphs (ii) and (iii) substitute—

“or

(ii)

a recognised scheme;”.

For paragraphs (6) and (7)^f2 substitute—

“(6)

For the purposes of paragraph (2A), a person (“A”) may lawfully manage investments belonging to another if—

(a)

A can manage those investments in accordance with the permission which A has under Part 4 of the Financial Services and Markets Act 2000;

(b)

A is an EEA firm of the kind mentioned in sub-paragraph (a) or (b) of paragraph 5 of Schedule 3 to that Act, and can manage those investments in accordance with its EEA authorisation;

(c)

A can, in accordance with section 327 of that Act, manage those investments without contravening the prohibition contained in section 19 of that Act; or

(d)

A can lawfully manage those investments in another Member State and would, if he were to manage those investments in the United Kingdom, require permission under Part 4 of that Act.

(7)

References in this Article to the management of investments must be read with—

(a)

section 22 of the Financial Services and Markets Act 2000;

(b)

any relevant order under that section; and

(c)

Schedule 2 to that Act.”.

In paragraph (8)—