PermissionU.K.
2(1)A person authorised as a result of paragraph 1(1) has permission to carry on, so far as it is a regulated activity—U.K.
(a)any activity, appropriate to the capacity in which he acts in relation to the scheme, of the kind described in paragraph 8 of Schedule 2;
(b)any activity in connection with, or for the purposes of, the scheme.
(2)A person authorised as a result of paragraph 1(3) [F1or (4)] has permission to carry on, so far as it is a regulated activity [F2other than the activity of managing an AIF]—
(a)the operation of the scheme;
(b)any activity in connection with, or for the purposes of, the operation of the scheme.
Textual Amendments
F1Words in Sch. 5 para. 2(2) inserted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), reg 10(b)
F2Words in Sch. 5 para. 2(2) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 35