# The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, Article 51ZG: Operating a collective investment scheme in relation to a UK UCITS or an AIF


(1) A person does not carry on an activity of the kind specified by article 51ZE if the person carries on the activity—
(a) in relation to a UK UCITS, and—
(i) 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
(ii) no more than the permitted period has passed since the UCITS was managed by a person with such a Part 4A permission; or
(b) in relation to an AIF, and—
(i) at the time the person carries on the activity, the AIF is managed by—
(aa) a person with a Part 4A permission to carry on the activity specified by article 51ZC in respect of that AIF; or
(bb) 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
(ii) no more than the permitted period has passed since the AIF was managed by a person with such a Part 4A permission or registration.
(2) In this article “the permitted period” means a period calculated as follows—
(a) subject to sub-paragraphs (b) and (c), the period is 30 days;
(b) 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 the UK UCITS or the AIF, the period is extended by a further 30 days, and may be so extended a second time;
(c) 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 the 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—
(i) the date on which the FCA gives written notice of its approval to the proposal;
(ii) the date on which the FCA gives a decision notice refusing the proposal; or
(iii) one month after the date on which notice of the proposal was given.

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Source: https://www.legislation.gov.uk/uksi/2001/544/article/51ZG (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-regulated-activities-order-2001/article-51ZG
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.