Finance Act 2003

102Open-ended investment companiesU.K.

(1)The Treasury may by regulations make such provision as they consider appropriate for securing that the provisions of this Part have effect in relation to—

(a)open-ended investment companies of such description as may be prescribed in the regulations, and

(b)transactions involving such companies,

in a manner corresponding, subject to such modifications as the Treasury consider appropriate, to the manner in which they have effect in relation to unit trust schemes and transactions involving such trusts.

(2)The regulations may, in particular, make provision—

(a)modifying the operation of any prescribed provision in relation to open-ended investment companies so as to secure that arrangements for treating the assets of such a company as assets comprised in separate pools are given an effect corresponding to that of equivalent arrangements constituting the separate parts of an umbrella scheme;

(b)treating the separate parts of the undertaking of an open-ended investment company in relation to which such provision is made as distinct companies for the purposes of this Part.

(3)Regulations under this section may—

(a)make different provision for different cases, and

(b)contain such incidental, supplementary, consequential and transitional provision as the Treasury think fit.

(4)In this section—

  • open-ended investment company” has the meaning given by section 236 of the Financial Services and Markets Act 2000 (c. 8);

  • prescribed” means prescribed by regulations under this section; and

  • unit trust scheme” and “umbrella scheme” have the same meaning as in section 101.

Commencement Information

I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)