Section 199

(1)

A collective investment scheme may be transferred in whole or in part to another body in accordance with this regulation.

(2)

If, for the purposes of a transfer collective investment scheme, it is proposed that the property of a collective investment scheme should become the property of another collective investment scheme or the property of a sub-collective investment scheme of an umbrella collective investment scheme, the proposal must not be implemented without the sanction of a special resolution of the unit holders in the collective investment scheme, unless sub-regulation (3)

applies.

(3)

If, for the purposes of a transfer collective investment scheme, it is proposed that collective investment scheme property attributable to a sub-collective investment scheme of an umbrella collective investment scheme should become the property of another collective investment scheme or of another sub-collective investment scheme of a collective investment scheme, whether or not of that umbrella collective investment scheme, the proposal must not be implemented without the sanction of -

{a} a special resolution of the unit holders in the sub-collective investment scheme of that umbrella collective investment scheme; and

{b) a special resolution of the unit holders of units in that umbrella collective investment scheme, unless implementation of the transfer collective investment scheme is not likely to result in any material prejudice 318

Report