Securities Markets Order, 2013 · As enacted · Part IX
214. Scheme particulars regulations
Official textFrom Attorney General's Chambers, unchanged
The Authority may make regulations (scheme particulars regulations)
requiring the operator of a licensed collective investment scheme
operator
"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.
{a)
to submit scheme particulars to the Authority; and
{b)
to publish scheme particulars or make them available to the public on request.
In this section, "scheme particulars" means particulars in such form, containing such information about the scheme and complying with such requirements, as are specified in the scheme particulars regulations.
The scheme particulars regulations may require the operator of a licensed collective investment scheme to submit, and to publish or make available, revised or further scheme particulars if there is a significant change affecting any matter -
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.
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{a) which is contained in scheme particulars previously published or made available; and
{b)
whose inclusion in those scheme particulars was required by the regulations.
The scheme particulars regulations may require the operator of a licensed collective investment scheme to submit, and to publish or make available, revised or further scheme particulars if-
{a)
a significant new matter arises; and
{b)
the inclusion of information in respect of that matter would have been required in previous scheme particulars if it had arisen when those scheme particulars were prepared.
The scheme particulars regulations may provide for the payment, by the person or persons who in accordance with the regulations are treated as responsible for any scheme particulars, of compensation to any qualifying person who has suffered loss as a result of -
{a)
any untrue or misleading statement in the scheme particulars; or
{b)
the omission of any matter required by the regulations to be included.
In this section, "qualifying person" means a person who-
{a)
has become or agreed to become a participant in the collective investment scheme; or
{b) although not being a participant, has a beneficial interest in units in the collective investment scheme.
Disqualification of auditor.
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.
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