4(1)Section 528 (conditions for company) is amended as follows.
(2)In subsection (4)(b) for the words from “a limited partnership” to the end substitute “an institutional investor”.
(3)After subsection (4) insert—
“(4A)Institutional investor” means any of the following persons—
(a)the trustee or manager of—
(i)an authorised unit trust scheme (as defined in section 237(3) of FISMA 2000), or
(ii)a unit trust scheme (as defined in section 237(1) of FISMA 2000) which is authorised under the law of a territory outside the United Kingdom in a way which makes it, under that law, the equivalent of an authorised unit trust scheme (as defined in section 237(3) of that Act);
(b)a company—
(i)which is an open-ended investment company (as defined in section 236(1) of FISMA 2000) incorporated by virtue of regulations under section 262 of that Act, or
(ii)which is incorporated under the law of a territory outside the United Kingdom and is, under that law, the equivalent of an open-ended investment company (as defined in section 236(1) of FISMA 2000);
(c)a person acting on behalf of a limited partnership which is a collective investment scheme (as defined in section 235 of FISMA 2000);
(d)the trustee or manager of a pension scheme (as defined in section 150(1) of FA 2004);
(e)a person acting in the course of a long-term insurance business (that is, the activity of effecting or carrying out contracts of long-term insurance within the meaning of the Financial Services and Markets (Regulated Activities) Order 2001 (S.I. 2001/544)) who—
(i)is authorised under FISMA 2000 to carry on such business, or
(ii)has an equivalent authorisation under the law of a territory outside the United Kingdom to carry on such business;
(f)a charity;
(g)a person registered under any of the following provisions (which provide for registers of social landlords)—
(i)in England, section 111 of the Housing and Regeneration Act 2008;
(ii)in Scotland, section 20 of the Housing (Scotland) Act 2010 (asp 17);
(iii)in Wales, section 1 of the Housing Act 1996;
(iv)in Northern Ireland, Article 14 of the Housing (Northern Ireland) Order 1992 (S.I. 1992/1725 (N.I. 15));
(h)a person who cannot be liable for corporation tax or income tax (as relevant) on the ground of sovereign immunity.
(4B)The Treasury may by regulations amend the definition of “institutional investor” by inserting, omitting or amending a description of person in subsection (4A).”