Securities Markets Order, 2013 · As enacted · Part IX
209. (1)
Official textFrom Attorney General's Chambers, unchanged
Any application for an order declaring a collective investment scheme to be a licensed collective investment scheme must be made to the Authority by the operator and custodian, or proposed operator and custodian, as the case may be, of the collective investment scheme.
collective investment scheme
"collective investment scheme" means any investment arrangements with respect to assets of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition/ holding, management or disposal of the property or sums paid out of such profits or income. [2) The arrangements must be such that - (a) the persons who are to participate ("participants") do not have day-to-day control over the management of the property, whether or not they have the right to be consulted or to give directions; (b) the arrangements must also have either or both of the following characteristics - (i) the contributions of the participants and the profits or income out of which payments are to be made to them are pooled; (ii) the property is managed as a whole, by or on behalf of the operator of the collective investment scheme; and (c) the arrangements must satisfy the condition set out in subsection (3). (3) The condition referred to in subsection (2)(b) is that the property belongs beneficially to, and is managed by or on behalf of, a company, the trustee of a trust or some other entity or arrangement having as its purpose the investment of its funds with the aim of spreading the investment risk and giving its members the benefit of the results of the management of those funds for or on behalf of that company, trust, entity or arrangement. (4) If the arrangements referred to in subsection (2)(b)(i) provide for such pooling in relation to separate parts of the property, and each part is maintained in a portfolio segregated in the book of the scheme from the other assets of the scheme, the arrangements shall be regarded as constituting a single umbrella collective investment scheme provided that the participants are entitled to exchange rights in one part for rights in another. Operating without licence.
The application -
{a}
must be made in such manner as the Authority may direct;
{b)
must contain or be accompanied by such information as the
Authority may reasonably require for the purpose of determining the application; and
{c)
must be accompanied by a non-refundable prescribed application fee, which shall be paid in the manner specified by the Authority.
At any time after receiving an application and before determining it, the
Authority may require the applicants to provide it with such further information, as it reasonably thinks necessary to enable it to determine the application.
The Authority may give different directions, and impose different requirements in relation to different applications.
The Authority may require applicants to present information which they are required to give under this section in such form, or to verify it in such a way, as the Authority may direct.
Grant of collective investment scheme licence.
Terms defined in this Act
collective investment scheme
Defined · s 203"collective investment scheme" means any investment arrangements with respect to assets of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition/ holding, management or disposal of the property or sums paid out of such profits or income. [2) The arrangements must be such that - (a) the persons who are to participate ("participants") do not have day-to-day control over the management of the property, whether or not they have the right to be consulted or to give directions; (b) the arrangements must also have either or both of the following characteristics - (i) the contributions of the participants and the profits or income out of which payments are to be made to them are pooled; (ii) the property is managed as a whole, by or on behalf of the operator of the collective investment scheme; and (c) the arrangements must satisfy the condition set out in subsection (3). (3) The condition referred to in subsection (2)(b) is that the property belongs beneficially to, and is managed by or on behalf of, a company, the trustee of a trust or some other entity or arrangement having as its purpose the investment of its funds with the aim of spreading the investment risk and giving its members the benefit of the results of the management of those funds for or on behalf of that company, trust, entity or arrangement. (4) If the arrangements referred to in subsection (2)(b)(i) provide for such pooling in relation to separate parts of the property, and each part is maintained in a portfolio segregated in the book of the scheme from the other assets of the scheme, the arrangements shall be regarded as constituting a single umbrella collective investment scheme provided that the participants are entitled to exchange rights in one part for rights in another. Operating without licence.
custodian
Defined · s 207"custodian", in relation to any form of collective investment scheme, means any person to whom the property subject to the collective investment scheme is entrusted for safekeeping;
operator
Defined · s 207"operator", of a collective investment' scheme, which is an investment company, means- {a) the licensed corporate director of that company which is the management company; {b) in relation to a unit trust, the management company; and {c) in relation to a partnership, the general partner.
Part X
Intervention Powers of Authority
Part XI
Complaints Committee and Investor Compensation Scheme
Part XII
Financial Markets Services Panel
Part XIII