Section 827 | Meaning of “investment manager” and “investment transaction”

(1)In this Chapter “investment manager” means a person who provides investment management services (which may include or comprise the provision of investment advice).^F1

(2)An “investment transaction” means any transaction other than a transaction with an excluded subject matter.^F2

(3)The following are excluded subject matters—^F2

(a)land in the United Kingdom, and^F2

(b)any commodity or other physical asset.^F2

(4)But a transaction is to be treated as not having an excluded subject matter if—^F2

(a)it is a derivative contract whose subject matter is a commodity but which does not result in the physical delivery of the commodity, or^F2

(b)it is a derivative contract whose subject matter is an excluded subject matter only because it operates by reference to a qualifying index, provided that index is not maintained by a person who is connected to any of the parties to the transaction.^F2

(5)For the purposes of subsection (4) a “qualifying index” means an index relating to an excluded subject matter that—^F2

(a)is publicly available, and^F2

(b)is an index of a substantial number of assets.^F2