48.—(1) Article 207 of the 1986 Order (interests in shares required to be disclosed) is amended as follows.
(2) In paragraph (2A)(1), in sub-paragraph (a) for “authorised to” substitute “who may lawfully”.
(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)(2) 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.”.
(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”.
Inserted by SR (NI) 1997/251.
Paragraphs (6) and (7) inserted by SR (NI) 1994/2.