(1) FSMA 2000 is amended as follows.
(2) In section 261E (authorised contractual schemes: holding of units)-
(a) before subsection (1) insert-
"(A1) This section sets out requirements for the purposes of section 261D(1)(a) (authorisation orders).";
(b) in subsection (1) for "a contractual" substitute "the".
(3) After section 261Z5 insert-
"CHAPTER 3B UNAUTHORISED CO-OWNERSHIP AIFS
261Z6 Power to make provision about unauthorised co-ownership AIFs
(1) The Treasury may by regulations make provision about unauthorised co-ownership AIFs that corresponds or is similar to, or applies with modifications, any of sections 261M to 261O and section 261P(1) and (2) (rights and liabilities of participants in authorised co-ownership schemes).
(2) Regulations under subsection (1) may make provision about unauthorised co-ownership AIFs generally, or about unauthorised co- ownership AIFs of a description specified in the regulations.
(3) In this section "unauthorised co-ownership AIF" means a co-owners
…