Section 357XC | Investment management

(1)A trade is an “excluded trade” if it consists of or includes portfolio management, or risk management, in relation to—

(a)a UCITS, or

(b)an AIF.

(2)In subsection (1)—

(a)“UCITS” means—

(i)a UCITS within the meaning given by section 236A of the Financial Services and Markets Act 2000; or

(ii)an undertaking established in Gibraltar which is a UCITS under the law of Gibraltar which implemented Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities;

(b)“AIF” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773).