Regulation 5 Amendments to the principal Regulations

for sub-paragraph (b) there shall be substituted—

“(b)

a plan manager must be—

(i)

an authorised person within the meaning of Chapter III of Part I of the Financial Services Act 1986^f1 (“the 1986 Act”), or

(ii)

a European institution which may carry on home-regulated investment business in the United Kingdom in accordance with the Banking Co-ordination (Second Council Directive) Regulations 1992;”

at the end of sub-paragraph (c) there shall be added—

“; and

(d)

a plan manager who is a European institution or a relevant authorised person and who does not have a branch or business establishment in the United Kingdom, or has such a branch or business establishment but does not intend to carry out all his functions as a plan manager at that branch or business establishment, must fulfil one of the three requirements specified in regulation 11A.”