PART 3REPORTING FUNDS AND THE TREATMENT OF PARTICIPANTS IN REPORTING FUNDS
CHAPTER 12CONSTANT NAV FUNDS
Modified application of this Part
Modified application of Chapter 2120
1
Chapter 2 applies with the following modifications.
2
In regulation 53 for paragraph (1) substitute—
1
An application must include the following—
a
a statement of the first period of account for which it is proposed that the fund should be treated as a constant NAV fund for the purposes of these Regulations,
b
a statement that the fund is, or will be, a constant NAV fund at the beginning of that first period of account, and
c
an undertaking to notify HMRC if the offshore fund ceases to be a constant NAV fund.
3
Regulations 55 and 56 do not apply.