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The power is given for the regulations to permit a foreign institution to be a plan manager and 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. Ìý

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

2. Ìý

   •ÌýÌýÌýÌý 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. Ìý

   •ÌýÌýÌýÌý the institution has notified the Commissioners for HMRC of that person's identity and appointment

Requirement B is that there are other current arrangements with the Commissioners for a person other than the institution