[F17. In section 59 (approval for particular arrangements) M1 after subsection (7B) insert—U.K.
“(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.”.]
Textual Amendments
F1Regulations revoked (14.12.2023 for the revocation of reg. 79) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(vi)
Marginal Citations
M1Section 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.