Commentary on Sections Overview Overview Section 827: Meaning of “investment manager” and “investment transaction”
2446.This section defines the terms “investment manager” and “investment transactions” which underlie the independent investment manager conditions. It is based on section 127(12) and (13) of FA 1995 and paragraph 3(1), (3) and (4) of Schedule 26 to FA 2003.
2447.Subsection (1) is based on the definition of an “investment manager” in paragraph 3(1) of Schedule 26 to FA 2003 rather than the slightly different, but substantively the same, definition of “the manager” in section 127(3)(a) of FA 1995.
2448.The definition of “transaction” in subsections (2) and (3) is based on section 127(12) and (13) of FA 1995 and paragraph 3(3) and (4) of Schedule 26 to FA 2003, which are identical.
2449.Section 1014 containing general provision for the making of regulations applies for the purposes of subsection (2)(c).
2450.Regulations (SI 2003/2172 and SI 2003/2173) have been made in identical terms under the source legislation, section 127(12)(c) of FA 1995 and paragraph 3(3)(c) of Schedule 26 to FA 2003, designating as investment transactions swap contracts settled in cash or foreign currency (other than contracts relating to land, insurance or capital redemption business).