E1.527 Foreign managers

E1.527 Foreign managers

The power is given for the regulations to stipulate special requirements for certain foreign managers1.

Investment plan regulations may provide that a foreign institution may only be a plan manager if one of the requirements set out below as regards the discharge of the institution's duties is met2.

Requirement A is that3:

  1.  

    •     a person is currently appointed by the institution to be responsible for securing the discharge of the duties

  2.  

    •     that person either is an individual who is UK resident or is not an individual who has a business establishment in the UK, and

  3.  

    •     the institution has notified the Commissioners for Her Majesty's Revenue and Customs of that

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