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Section 36.
1(1)A person who for the time being is an operator, trustee or depositary of a recognised collective investment scheme is an authorised person.
(2)“Recognised” means recognised by virtue of section 264.
(3)An authorised open-ended investment company is an authorised person.
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—
(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) has permission to carry on, so far as it is a regulated activity—
(a)the operation of the scheme;
(b)any activity in connection with, or for the purposes of, the operation of the scheme.