Securities Markets Order, 2013 · s 205

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

205. (11
In this Part, a collective investment scheme shall be formed as-
(a)
a unit trust scheme;
(b)
an investment company with fixed or variable capital; or 1384

{cj a partnership.
(2)
Without prejudice to subsection \1}, the Authority may, specify arrangements other than those set out in subsection \ll by which collective investment scheme may be formed.
(3)
A collective investment scheme may be formed as -
(a} an open-ended scheme which is obliged to redeem participants holdings upon their request at a price r~lated to the net asset value of the property of the scheme at no less a frequency than twice a month at regular intervals;
{b)
a closed-ended scheme which is not obliged to redeem participants holdings at their request; or
{cj an interval undertaking which is obliged to redeem participants holdings at a price related to the net asset value of the property of the scheme on a regular periodic basis which is no less than twice a year.
(4)
Where a collective investment scheme is formed as a partnership, the operator of the collective investment scheme must be the general partner and hold or be eligible to hold a capital markets services licence under this Order.
Arrangements not constituting collective investment scheme.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 205(11

In this Part, a collective investment scheme shall be formed as-

(a)

a unit trust scheme;

(b)

an investment company with fixed or variable capital; or 1384

{cj a partnership.

(2)

Without prejudice to subsection \1}, the Authority may, specify arrangements other than those set out in subsection \ll by which collective investment scheme may be formed.

(3)

A collective investment scheme may be formed as -

(a} an open-ended scheme which is obliged to redeem participants holdings upon their request at a price r~lated to the net asset value of the property of the scheme at no less a frequency than twice a month at regular intervals;

{b)

a closed-ended scheme which is not obliged to redeem participants holdings at their request; or

{cj an interval undertaking which is obliged to redeem participants holdings at a price related to the net asset value of the property of the scheme on a regular periodic basis which is no less than twice a year.

(4)

Where a collective investment scheme is formed as a partnership, the operator of the collective investment scheme must be the general partner and hold or be eligible to hold a capital markets services licence under this Order.

Arrangements not constituting collective investment scheme.