PART 2 AMENDMENTS TO THE COMPANIES LEGISLATION

Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6))

48 Disclosure of interests in shares: interests to be disclosed
1 Article 207 of the 1986 Order (interests in shares required to be disclosed) is amended as follows.
2 In paragraph (2A), in sub-paragraph (a) for “authorised to” substitute “who may lawfully”.
Inserted by SR (NI) 1997/251.
3 In that paragraph, in sub-paragraph (b), for paragraphs (ii) and (iii) substitute—

“or
(ii) a recognised scheme;”

.
4 For paragraphs (6) and (7) substitute—

“6 For the purposes of paragraph (2A), a person (“A”) may lawfully manage investments belonging to another if—
(a) A can manage those investments in accordance with the permission which A has under Part 4 of the Financial Services and Markets Act 2000;
(b) A is an EEA firm of the kind mentioned in sub-paragraph (a) or (b) of paragraph 5 of Schedule 3 to that Act, and can manage those investments in accordance with its EEA authorisation;
(c) A can, in accordance with section 327 of that Act, manage those investments without contravening the prohibition contained in section 19 of that Act; or
(d) A can lawfully manage those investments in another Member State and would, if he were to manage those investments in the United Kingdom, require permission under Part 4 of that Act.
7 References in this Article to the management of investments must be read with—
(a) section 22 of the Financial Services and Markets Act 2000;
(b) any relevant order under that section; and
(c) Schedule 2 to that Act.”

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Paragraphs (6) and (7) inserted by SR (NI) 1994/2.
5 In paragraph (8)—
(a) in sub-paragraph (b) for the words from the beginning to “conferred” substitute “is certified by the competent authority in that member State as complying with the conditions imposed”; and
(b) for “subsection (8) of section 86 of the Financial Services Act 1986” substitute “subsection (5) of section 264 of the Financial Services and Markets Act 2000”.