Section 357XC | Investment management ^F1

(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—^F2

(i)a UCITS within the meaning given by section 236A of the Financial Services and Markets Act 2000; or^F2

(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;^F2

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