Section 64 Unauthorised co-ownership AIFsI1I2

FSMA 2000 is amended as follows.

In section 261E (authorised contractual schemes: holding of units)—

After section 261Z5 insert—

“CHAPTER 3B

Unauthorised co-ownership AIFs

Power to make provision about unauthorised co-ownership AIFs

261Z6

(1)

The Treasury may by regulations make provision about unauthorised co-ownership AIFs that corresponds or is similar to, or applies with modifications, any of sections 261M to 261O and section 261P(1) and (2) (rights and liabilities of participants in authorised co-ownership schemes).

(2)

Regulations under subsection (1) may make provision about unauthorised co-ownership AIFs generally, or about unauthorised co-ownership AIFs of a description specified in the regulations.

(3)

In this section “unauthorised co-ownership AIF” means a co-ownership scheme that—

(a)

is an AIF, and

(b)

is not authorised for the purposes of this Act by an authorisation order in force under section 261D(1).”