(1) A person does not carry on an activity of the kind specified by article 51ZE if the person carries on the activity -
(a) in relation to a UK UCITS, and -
(i) at the time the person carries on the activity, the UCITS is managed by a person with a Part 4A permission to carry on the activity specified by article 51ZA in respect of that UCITS; or
(ii) no more than the permitted period has passed since the UCITS was managed by a person with such a Part 4A permission; or
(b) in relation to an AIF, and -
(i) at the time the person carries on the activity, the AIF is managed by -
(aa) a person with a Part 4A permission to carry on the activity specified by article 51ZC in respect of that AIF; or
(bb) a person registered as a small registered UK AIFM because the conditions in regulation 10(4) of the Alternative Investment Fund Managers Regulations 2013 are met in respect of that AIF; or
(ii) no more than the permitted period has passed since the AIF was managed by a person with such a Part
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