Financial Services and Markets Act 2023
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Change 1
64 Unauthorised co-ownership AIFs
(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 Power to make provision about unauthorised co-ownership AIFs 261Z6 (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-ownership scheme that— (a) is an AIF, and (b) is not authorised for the purposes of this Act by an authorisation order in force under section 261D(1).
64 Unauthorised co-ownership AIFs
(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 Power to make provision about unauthorised co-ownership AIFs 261Z6 (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-ownership scheme that— (a) is an AIF, and (b) is not authorised for the purposes of this Act by an authorisation order in force under section 261D(1).
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