PART 3AMENDMENTS TO SECONDARY LEGISLATION
The Financial Services and Markets Act 2000 (Stakeholder Products) Regulations 200412
1
The Financial Services and Markets Act 2000 (Stakeholder Products) Regulations 2004 M1 is amended as follows.
2
In regulation 2 (interpretation), in paragraph (1)—
a
for the definition of “manager” substitute—
“manager” means—
- a
the operator of a relevant collective investment scheme which is an authorised contractual scheme;
- b
the manager of any other relevant collective investment scheme; or
- c
the insurer of a relevant linked long-term contract;
b
after the definition of “manager” insert—
“operator”, in relation to an authorised contractual scheme, has the meaning given in section 237(2) of the 2000 Act;
c
in the definition of “relevant collective investment scheme”, after “authorised unit trust scheme,” insert “
an authorised contractual scheme,
”
.
3
In regulation 9 (permitted reductions in investor's rights and investment property), in paragraph (9)(e), after paragraph (i) omit “or” and insert—
ia
to arrange for the investor to receive a copy of the annual report and accounts issued to investors by the manager of an authorised contractual scheme in which the investment scheme is invested directly or indirectly, or to receive any other information issued to investors by the manager of such a scheme, or