Financial Services and Markets Bill - continued        House of Lords

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SCHEDULE 5
 
  PERSONS CONCERNED IN COLLECTIVE INVESTMENT SCHEMES
 
Authorisation
     1. - (1) A person who for the time being is an operator, trustee or depositary of a recognised collective investment scheme is an authorised person.
 
      (2) "Recognised" means recognised by virtue of section 258.
 
      (3) An authorised open-ended investment company is an authorised person.
 
 
Permission
     2. - (1) A person authorised as a result of paragraph 1(1) has permission to carry on, so far as it is a regulated activity-
 
 
    (a) any activity, appropriate to the capacity in which he acts in relation to the scheme, of the kind described in paragraph 8 of Schedule 2;
 
    (b) any activity in connection with, or for the purposes of, the scheme.
      (2) A person authorised as a result of paragraph 1(3) has permission to carry on, so far as it is a regulated activity-
 
 
    (a) the operation of the scheme;
 
    (b) any activity in connection with, or for the purposes of, the operation of the scheme.
 
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