Regulation 3

Amendments to the Act

1.

(1) The Act is amended as follows.

(2) In section 55V(8) (determination of applications) [Section 55V was inserted by section 11 of the Financial Services Act 2012 (c.21) and amended by the principal regulations] for "regulation 5" insert "regulations 5 and 5A".

(3) [deleted]

(4) In section 418 (carrying on regulated activities in the United Kingdom) [Amended by S.I. 2002/1775 and S.I. 2012/1906] -

(a) [deleted]

(b) after subsection (5AA) insert -

"(5B) The seventh 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 the United Kingdom, or

(ii) is marketed in the United Kingdom,