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7. In section 59 (approval for particular arrangements)(1) after subsection (7B) insert—
“(7C) A regulator may not exercise the power in subsection (3) so as to provide for a function to be a controlled function in relation to the carrying on of the regulated activity of managing an AIF by an AIFM which—
(a)is also an AIF;
(b)does not manage any AIF other than itself;
(c)is a body corporate; and
(d)is not a collective investment scheme.”.
Section 59 was amended by section 14 of, and paragraph 3 of Schedule 5 to, the Financial Services Act 2012, and by S.I. 1012/1906.
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