Amendment to the Act
1. In section 418(5B) of the Act (carrying on regulated activities in the United Kingdom) [Inserted by paragraph 1 of Schedule 1 to these Regulations], omit paragraph (c).
Amendment to the Regulated Activities Order
2. In Schedule 8 to the Regulated Activities Order (persons excluded from regulated activity of managing an AIF), omit paragraph 11 [Inserted by paragraph 1(17) of Schedule 2 to the principal regulations and amended by regulation 81 of the principal regulations].
Amendments to the principal regulations
(1) The principal regulations [Amended by paragraph 2 of Schedule 1 to these Regulations] are amended as follows.
(2) In regulation 2(1) (interpretation) -
(a) in the definition of "external valuer" omit "other than an AIF that is marketed only pursuant to regulation 59 of these Regulations".
(3) For regulation 29(1)(b) (depositary liability: general provisions) substitute -
"(b) the depositary of a third country AIF managed by a full-scop
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