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The Alternative Investment Fund Managers Order 2014

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The Financial Services and Markets Act 2000

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2.  In section 418 of the Financial Services and Markets Act 2000(1) (carrying on regulated activities in the United Kingdom)—

(a)in subsection (1) for “five” substitute “six”;

(b)after subsection (5A) insert—

(5AA) The sixth case is where—

(a)the regulated activity being carried on by the person is the regulated activity of managing an AIF;

(b)the AIF being managed—

(i)has its registered office in an EEA State; or

(ii)is marketed in an EEA State;

(c)the person’s registered office is in the United Kingdom or, if the person does not have a registered office, the person’s head office is in the United Kingdom; and

(d)the activity is carried on from an establishment maintained in a country or territory outside the EEA.;

(c)in subsection (6) for “(5A)” substitute “(5AA)”; and

(d)after subsection (7) insert—

(8) In this section “marketing”, in relation to an AIF, is to be read in accordance with the definition of “marketing” in Article 4.1(x) of the alternative investment fund managers directive(2).

(1)

Section 418 was amended by S.I. 2002/1775, 2011/1043 and 2012/1906 and is to be amended by S.I. 2013/1797.

(2)

S.I. 2013/1773 inserted a definition of “alternative investment fund managers directive” at section 425 of, and paragraph 4E of Schedule 3 to, the Financial Services and Markets Act 2000.

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