Article 51ZG Operating a collective investment scheme in relation to a UK UCITS or an AIFF1F5
A person does not carry on an activity of the kind specified by article 51ZE if the person carries on the activity—
in relation to F2a UK UCITS, and—
at the time the person carries on the activity, the UCITS is managed by a person with a Part 4A permission to carry on the activity specified by article 51ZA in respect of that UCITS; or
no more than the permitted period has passed since the UCITS was managed by a person with such a Part 4A permission; or
in relation to an AIF, and—
at the time the person carries on the activity, the AIF is managed by—
a person with a Part 4A permission to carry on the activity specified by article 51ZC in respect of that AIF; or
a person registered as a small registered UK AIFM because the conditions in regulation 10(4) of the Alternative Investment Fund Managers Regulations 2013 are met in respect of that AIF; or
no more than the permitted period has passed since the AIF was managed by a person with such a Part 4A permission or registration.
In this article “the permitted period” means a period calculated as follows—
subject to sub-paragraphs (b) and (c), the period is 30 days;
if, before the end of the period, the FCA receives notice of the action being taken to appoint a person with a Part 4A permission or registration to manage F3the UK UCITS or the AIF, the period is extended by a further 30 days, and may be so extended a second time;
if, before the end of the period calculated in accordance with sub-paragraphs (a) and (b), the FCA receives notice of a proposal in respect of F4the UK UCITS or the AIF for a new manager under section 251(3) of the Act, a new operator under section 261Q(5) of the Act or a new director under regulation 21(1)(e) of the Open-Ended Investment Company Regulations 2001, the period is further extended until the earlier of—
the date on which the FCA gives written notice of its approval to the proposal;
the date on which the FCA gives a decision notice refusing the proposal; or
one month after the date on which notice of the proposal was given.
Annotations
Textual amendments
- F1
Arts. 51ZA-51ZG substituted for arts. 51 and cross-heading (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(12)
- F2
Words in art. 51ZG(1)(a) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 135(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
- F3
Words in art. 51ZG(2)(b) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 135(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
- F4
Words in art. 51ZG(2)(c) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 135(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
- F5
Words in art. 51ZG heading substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 135(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)
Notes on Chapter X
Textual amendments
- F1
Word in Pt. 2 Ch. 10 heading omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(11)