Legislation – Financial Services and Markets Act 2023
Changes to legislation:
There are currently no known outstanding effects for the Financial Services and Markets Act 2023, Section 64.
Changes to Legislation
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PART 6Miscellaneous
Amendments to FSMA 2000
64Unauthorised co-ownership AIFs
(1)
FSMA 2000 is amended as follows.
(2)
In section 261E (authorised contractual schemes: holding of units)—
(a)
“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)
“CHAPTER 3BUnauthorised co-ownership AIFs
261Z6Power 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-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).”