PART II FORMATION, SUPERVISION AND CONTROL

F1Umbrella companies

Annotations:
Amendments (Textual)
F1

Ss. 11A, 11B and cross-heading inserted (21.12.2011) by The Open-Ended Investment Companies (Amendment) Regulations 2011 (S.I. 2011/3049), regs. 1, 3(3) (with regs. 4-10)

Cross sub-fund investment11B

Notwithstanding section 658 of the Companies Act 2006 and any rule of law which prohibits or restricts a company from acquiring its own shares, an umbrella company may, for the account of any of its sub-funds, and in accordance with F2FCA rules, acquire by subscription or transfer for consideration, shares of any class or classes, however described, representing other sub-funds of the same umbrella company.