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The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018
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- UK Statutory Instruments
- 2018 No. 1149
- PART 8
- Regulation 71
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Valid from 31/12/2020
[F1Financial Services Compensation Scheme: a person to whom regulation 47 appliesU.K.
This section has no associated Explanatory Memorandum
71.—(1) A person to whom regulation 47 applies and who is—
(a)carrying out a contract of insurance,
(b)an AIFM, or
(c)the manager of a UCITS,
shall be treated as if the person were an authorised person for the purposes of section 213 (the compensation scheme) of the 2000 Act.
(2) For the purposes of paragraph (1)—
“AIFM” means an AIFM as defined in Article 4.1(b) of the alternative investment fund managers directive which—
(a)
is, immediately before exit day, authorised in accordance with Article 6.1 of that directive by its home state regulator to provide services specified by Annex 1 to that directive, and
(b)
provides those services, or services specified by Article 6.4 of that directive (discretionary portfolio management and non-core services), in the United Kingdom;
“alternative investment fund managers directive” means Directive 2011/61/EU of the European Parliament and of the Council of 8th June 2011 on Alternative Investment Fund Managers;
“contract of insurance” has the same meaning as in article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
“home state regulator” has the meaning given by regulation 21;
“UCITS” means an undertaking for collective investment in transferable securities which is, immediately before exit day, authorised in accordance with Article 5 of the UCITS directive;
“UCITS directive” means Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities.]
Textual Amendments
F1Regs. 70, 71 inserted (1.3.2019) by The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405), regs. 1(2), 5(1)
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