(1) Schedule 8 [Schedule 8 was inserted by S.I. 2013/1773.] (persons excluded from regulated activity of managing an AIF) is amended as follows.

(2) In paragraph 1, after "the alternative investment fund managers directive" insert ", and not referred to in paragraph 1B,".

(3) After paragraph 1 insert -

"1A. For the purposes of paragraph 1, in Article 4(1) (o) of the alternative investment fund managers directive (definition of "holding company") the reference to the Union is to be read as a reference to the United Kingdom.

1B. In this Schedule -

"parent undertaking" has the meaning given by section 1162 of the Companies Act 2006 [2006 c.46.] (read with Schedule 7 to that Act);

"subsidiary" has the meaning given to "subsidiary undertaking" by that section (read with that Schedule)".

(4) For paragraph 4 substitute -

"4. The trustees and managers of an occupational pension scheme within the meaning of section 1(1) of the Pension Schemes Act 1993 [1993 c.48.].".

(5) In paragraph 5 -