Regulation 4 Amendments to the principal Regulations

In regulation 5(3) there shall be inserted at the beginning the words “Subject to paragraph (3A),”.

After regulation 5(3) there shall be inserted—

“(3A)

A plan manager who is a European institution or a relevant authorised person may hold a plan investor’s cash subscription and other cash held under a plan in the currency of the EEA State in which he has his principal place of business and may deposit such cash in an account which is designated as mentioned in paragraph (3) with any person authorised under the law of that State to accept deposits.”